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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, AUGUST 28, 2014
Lisa Mataloni:
Kate Shoemaker:
Jeannine Aversa:

(202) 606-5304 (GDP)
gdpniwd@bea.gov
(202) 606-5564 (Profits) cpniwd@bea.gov
(202) 606-2649 (News Media)

BEA 14-40

GROSS DOMESTIC PRODUCT: SECOND QUARTER 2014 (SECOND ESTIMATE)
CORPORATE PROFITS: SECOND QUARTER 2014 (PRELIMINARY ESTIMATE)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 4.2 percent in the second quarter of 2014,
according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter,
real GDP decreased 2.1 percent.
The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 4.0
percent. With this second estimate for the second quarter, the general picture of economic growth
remains the same; the increase in nonresidential fixed investment was larger than previously estimated,
while the increase in private inventory investment was smaller than previously estimated (see
"Revisions" on page 3).
The increase in real GDP in the second quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed
investment, state and local government spending, and residential fixed investment. Imports, which are a
subtraction in the calculation of GDP, increased.
Real GDP increased 4.2 percent in the second quarter after decreasing 2.1 percent in the first.
This upturn in the percent change in real GDP primarily reflected upturns in exports and in private
inventory investment, accelerations in PCE and in nonresidential fixed investment, and upturns in state
and local government spending and in residential fixed investment that were partly offset by an
acceleration in imports.

NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2009)
dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site along with the Technical Note and Highlights related
to this release. For information on revisions, see "The Revisions to GDP, GDI, and Their Major
Components."

The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.9 percent in the second quarter, the same increase as in the advance estimate; this index
increased 1.4 percent in the first quarter. Excluding food and energy prices, the price index for gross
domestic purchases increased 1.7 percent, compared with an increase of 1.3 percent.
Real personal consumption expenditures increased 2.5 percent in the second quarter, compared
with an increase of 1.2 percent in the first. Durable goods increased 14.3 percent, compared with an
increase of 3.2 percent. Nondurable goods increased 1.9 percent in the second quarter; it was unchanged
in the first. Services increased 0.8 percent, compared with an increase of 1.3 percent.
Real nonresidential fixed investment increased 8.4 percent in the second quarter, compared with
an increase of 1.6 percent in the first. Investment in nonresidential structures increased 9.4 percent,
compared with an increase of 2.9 percent. Investment in equipment increased 10.7 percent, in contrast
to a decrease of 1.0 percent. Investment in intellectual property products increased 4.4 percent,
compared with an increase of 4.6 percent. Real residential fixed investment increased 7.2 percent, in
contrast to a decrease of 5.3 percent.
Real exports of goods and services increased 10.1 percent in the second quarter, in contrast to a
decrease of 9.2 percent in the first. Real imports of goods and services increased 11.0 percent,
compared with an increase of 2.2 percent.
Real federal government consumption expenditures and gross investment decreased 0.9 percent
in the second quarter, compared with a decrease of 0.1 percent in the first. National defense increased
0.9 percent, in contrast to a decrease of 4.0 percent. Nondefense decreased 3.7 percent, in contrast to an
increase of 6.6 percent. Real state and local government consumption expenditures and gross
investment increased 2.9 percent, in contrast to a decrease of 1.3 percent.
The change in real private inventories added 1.39 percentage points to the second-quarter change
in real GDP after subtracting 1.16 percentage points from the first-quarter change. Private businesses
increased inventories $83.9 billion in the second quarter, following increases of $35.2 billion in the first
quarter and $81.8 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 2.8
percent in the second quarter, in contrast to a decrease of 1.0 percent in the first.

Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 4.5 percent in the second quarter, in contrast to a decrease of 0.4 percent in the
first.

Gross national product
Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 4.3 percent in the second quarter, in contrast to a decrease of 2.8
percent in the first. GNP includes, and GDP excludes, net receipts of income from the rest of the world,
which increased $7.8 billion in the second quarter, in contrast to a decrease of $27.4 billion in the first;
in the second quarter, receipts increased $4.2 billion, and payments decreased $3.5 billion.
-2-

Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
6.4 percent, or $267.3 billion, in the second quarter to a level of $17,311.3 billion. In the first quarter,
current-dollar GDP decreased 0.8 percent, or $34.3 billion.

Gross domestic income
Real gross domestic income (GDI), which measures the output of the economy as the costs
incurred and the incomes earned in the production of GDP, increased 4.7 percent in the second quarter,
in contrast to a decrease of 0.8 percent (revised) in the first. For a given quarter, the estimates of GDP
and GDI may differ for a variety of reasons, including the incorporation of largely independent source
data. However, over longer time spans, the estimates of GDP and GDI tend to follow similar patterns of
change.

Revisions
The upward revision to the percent change in real GDP primarily reflected an upward revision to
nonresidential fixed investment and a downward revision to imports that were partly offset by a
downward revision to private inventory investment.

Real GDP………………………………….
Current-dollar GDP………………………..
Real GDI…………………………………..
Gross domestic purchases price index…….

Advance Estimate
Second Estimate
(Percent change from preceding quarter)
4.0
4.2
6.0
6.4
…
4.7
1.9
1.9

-more -

-3-

Corporate Profits

Profits from current production
Profits from current production (corporate profits with inventory valuation adjustment (IVA) and
capital consumption adjustment (CCAdj)) increased $154.9 billion in the second quarter, in contrast to a
decrease of $201.7 billion in the first.
Taxes on corporate income increased $39.7 billion in the second quarter, compared with an
increase of $66.9 billion in the first. Profits after tax with IVA and CCAdj increased $115.2 billion, in
contrast to a decrease of $268.6 billion.
Dividends decreased $1.3 billion in the second quarter, compared with a decrease of $89.5
billion in the first. Undistributed profits increased $116.5 billion, in contrast to a decrease of $178.9
billion. Net cash flow with IVA -- the internal funds available to corporations for investment -increased $130.9 billion, in contrast to a decrease of $163.0 billion.
Domestic profits of financial corporations increased $30.6 billion in the second quarter, in
contrast to a decrease of $86.2 billion in the first. Domestic profits of nonfinancial corporations
increased $119.3 billion, in contrast to a decrease of $89.6 billion.
The rest-of-the-world component of profits increased $4.9 billion in the second quarter, in
contrast to a decrease of $26.0 billion in the first. This measure is calculated as the difference between
receipts from rest of the world and payments to rest of the world. In the second quarter, receipts
increased $4.7 billion, and payments decreased $0.2 billion.
The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of
fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in
the national income and product accounts. IVA increased $11.1 billion, in contrast to a decrease of
$21.6 billion. CCAdj decreased $0.8 billion, compared with a decrease of $195.7 billion.

Gross value added of nonfinancial domestic corporate business
In the second quarter, real gross value added of nonfinancial corporations and profits per unit of
real value added increased. The increase in unit profits reflected an increase in unit prices and decreases
in the unit nonlabor and labor costs incurred by corporations.
*

*

*

BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
*

*

*

Next release -- September 26, 2014 at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2014 (Third Estimate)
Corporate Profits: Second Quarter 2014 (Revised Estimate)
-4-

Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
Line

2011

2012

2013

2010
III

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39

2011
IV

I

II

2012
III

IV

I

II

2013
III

Gross domestic product (GDP) .....
1.6
2.3
2.2
2.7
2.5 –1.5
2.9
0.8
4.6
2.3
1.6
2.5
Personal consumption expenditures .......
2.3
1.8
2.4
2.6
4.2
2.0
0.8
1.8
1.4
2.8
1.3
1.9
Goods.......................................................
3.1
2.8
3.4
3.8
7.6
2.9 –0.8
0.9
3.9
4.7
1.3
3.2
Durable goods ......................................
6.1
7.3
6.7
6.7 12.9
5.2 –2.6
5.2 12.0 10.7
2.3
8.0
Nondurable goods ................................
1.8
0.7
1.9
2.5
5.2
1.9
0.1 –1.0
0.5
2.0
0.8
1.1
Services ...................................................
1.8
1.3
1.9
2.0
2.5
1.6
1.6
2.2
0.1
1.8
1.3
1.3
Gross private domestic investment .........
5.2
9.2
4.9 13.7 –3.5 –7.2 16.4
1.1 32.1
6.9
5.8
1.6
Fixed investment ......................................
6.3
8.3
4.7 –0.4
8.5 –0.9
8.2 17.3
9.9
9.1
4.4
3.1
Nonresidential.......................................
7.7
7.2
3.0
8.3
8.6 –0.9
8.8 19.4
9.5
5.8
4.4
0.8
Structures .........................................
2.3 13.1 –0.5 –5.8
7.7 –27.1 30.6 25.6 13.8 18.7 10.5 –1.4
Equipment......................................... 13.6
6.8
4.6 18.0 11.8 12.1
4.4 27.7
9.4
3.6
1.0
0.7
Intellectual property products ...........
3.6
3.9
3.4
6.1
5.0
1.4
3.2
5.1
6.8
0.7
5.1
2.6
Residential............................................
0.5 13.5 11.9 –30.7
7.9 –0.8
5.4
8.1 11.7 25.5
4.3 14.1
Change in private inventories................... ........... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... ..........
Net exports of goods and services .......... ........... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... ..........
Exports.....................................................
6.9
3.3
3.0 11.8 12.8
2.1
6.2
4.3
4.1
1.3
4.8
2.1
Goods...................................................
6.5
3.7
2.8
8.9 12.0
2.8
5.0
3.4
8.1
1.5
5.3
2.0
Services................................................
7.6
2.4
3.6 18.6 14.7
0.6
9.3
6.2 –4.7
0.9
3.7
2.3
Imports .....................................................
5.5
2.3
1.1 14.9
2.6
3.1
3.0
3.3
4.5
1.7
4.0 –0.6
Goods...................................................
5.8
2.1
0.9 15.4
2.7
5.3
0.8
2.2
5.5
2.0
4.0 –1.1
Services................................................
4.0
3.4
2.2 12.3
1.9 –7.4 15.3
8.7
0.0
0.8
4.0
2.4
Government consumption expenditures
2.7
and gross investment ............................ –3.0 –1.4 –2.0 –0.3 –4.1 –7.5 –0.4 –2.5 –1.6 –2.7 –0.4
Federal ..................................................... –2.7 –1.8 –5.7
3.7 –2.7 –10.6
1.6 –4.0 –2.6 –3.0 –0.9
7.5
National defense................................... –2.3 –3.3 –6.6
7.6 –3.5 –14.0
6.7
1.9 –9.5 –7.4 –1.3 11.9
Nondefense .......................................... –3.4
1.0 –4.1 –2.8 –1.2 –4.3 –6.9 –14.0 11.4
5.3 –0.4
0.4
State and local.......................................... –3.3 –1.2
0.5 –3.1 –5.0 –5.3 –1.8 –1.4 –0.8 –2.6
0.0 –0.6
Addenda:
Final sales of domestic product................
1.7
2.2
2.2
0.8
4.2 –0.6
1.9
3.0
1.8
2.5
1.4
2.7
Gross domestic purchases.......................
1.6
2.2
1.9
3.4
1.4 –1.2
2.5
0.8
4.6
2.3
1.6
2.0
Final sales to domestic purchasers..........
1.7
2.1
1.9
1.6
3.0 –0.4
1.5
2.9
1.9
2.5
1.4
2.2
Gross domestic income (GDI) 1 ...............
2.2
3.4
2.2
5.3
1.8
0.5
1.9
2.6
3.3
7.2
0.6
1.3
Gross national product (GNP)..................
1.8
2.1
2.2
2.5
2.9 –1.2
2.9
1.4
4.9
1.3
1.4
2.1
Disposable personal income ....................
2.5
3.0 –0.2
2.0
2.8
5.0 –0.6
2.1
0.2
6.8
2.3 –0.4
Current-dollar measures:
GDP......................................................
3.7
4.2
3.7
4.6
4.7
0.2
6.0
3.3
5.2
4.4
3.5
4.4
Final sales of domestic product ............
3.8
4.0
3.7
2.7
6.4
1.2
5.0
5.4
2.3
4.7
3.2
4.9
Gross domestic purchases ...................
4.0
3.9
3.3
4.8
3.7
1.7
6.4
2.8
5.7
4.7
2.7
3.1
Final sales to domestic purchasers ......
4.2
3.8
3.2
2.9
5.3
2.7
5.4
4.8
2.9
5.0
2.5
3.5
GDI .......................................................
4.3
5.2
3.7
7.3
3.9
2.3
4.9
5.1
3.9
9.5
2.5
3.2
GNP......................................................
3.9
4.0
3.7
4.4
5.0
0.5
6.0
3.9
5.5
3.5
3.2
4.0
Disposable personal income ................
5.0
4.9
1.0
3.2
5.0
8.2
3.5
4.3
1.6
9.1
3.7
0.9

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014.
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
See “Explanatory Note” at the end of the tables.

-5-

IV

I

II

2014
III

IV

I

r

Line
II

r

0.1
2.7
1.8
4.5
3.5 –2.1
4.2
1.9
3.6
1.8
2.0
3.7
1.2
2.5
2.9
5.9
1.3
3.5
3.7
1.0
5.8
9.1
8.5
4.5
4.9
5.7
3.2 14.3
0.1
4.8 –0.2
2.8
2.7
0.0
1.9
1.4
2.4
2.0
1.3
3.7
1.3
0.8
–5.3
7.6
6.9 16.8
3.8 –6.9 17.5
6.6
2.7
4.9
6.6
6.3
0.2
8.1
3.6
1.5
1.6
5.5 10.4
1.6
8.4
–6.7 –11.5
7.3 11.2 12.8
2.9
9.4
8.1
4.8
1.5
4.7 14.1 –1.0 10.7
5.1
6.5 –2.0
2.8
3.6
4.6
4.4
20.4
7.8 19.0 11.2 –8.5 –5.3
7.2
.......... .......... .......... .......... .......... .......... ...........
.......... .......... .......... .......... .......... .......... ...........
1.5 –0.8
6.3
5.1 10.0 –9.2 10.1
–3.1 –0.9
8.3
5.7 13.6 –11.9 13.8
12.7 –0.8
2.0
3.6
2.3 –2.8
2.2
–3.5 –0.3
8.5
0.6
1.3
2.2 11.0
–4.8
0.5
8.5
0.1
0.9
2.5 12.3
3.4 –4.1
8.5
2.8
3.5
1.0
5.0
–6.0 –3.9
–13.0 –9.9
–20.1 –10.9
0.6 –8.2
–0.8
0.3

0.2
–3.5
–2.1
–5.8
2.7

0.2 –3.8
–1.2 –10.4
0.4 –11.4
–3.9 –8.6
1.1
0.6

1.9
2.0
–0.7
2.7
1.0
2.0
4.2
1.4
0.3
2.3
11.8 –12.6

1.5
2.2
1.9
2.7
1.9
3.8

3.0
3.8
2.3
1.9
4.8
2.0

1.6
4.2
3.2
3.4
1.2
4.1
2.8
3.3
5.7
2.9
1.8
3.8
13.8 –11.7

2.9
2.7
2.9
2.7
3.8
3.0
4.3

6.2
4.7
5.5
4.1
3.6
6.5
3.7

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

–0.8
–0.1
–4.0
6.6
–1.3

1.4
–0.9
0.9
–3.7
2.9

22
23
24
25
26

3.9
2.3
2.7
1.8
3.7
0.2

–1.0
–0.4
0.7
–0.8
–2.8
3.4

2.8
4.5
3.1
4.7
4.3
4.2

27
28
29
30
31
32

5.0
5.5
3.7
4.2
3.3
5.2
1.2

–0.8
0.4
0.9
2.1
0.6
–1.5
4.8

6.4
5.0
6.5
5.2
7.0
6.6
6.6

33
34
35
36
37
38
39

Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
Line

2011 2012 2013

2010
III

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62

Percent change at annual rate:
Gross domestic product ...................................
Percentage points at annual rates:
Personal consumption expenditures ......................
Goods.....................................................................
Durable goods .....................................................
Motor vehicles and parts..................................
Furnishings and durable household equipment
Recreational goods and vehicles.....................
Other durable goods ........................................
Nondurable goods ...............................................
Food and beverages purchased for offpremises consumption .................................
Clothing and footwear ......................................
Gasoline and other energy goods....................
Other nondurable goods ..................................
Services .................................................................
Household consumption expenditures (for
services) ..........................................................
Housing and utilities.........................................
Health care ......................................................
Transportation services....................................
Recreation services .........................................
Food services and accommodations ...............
Financial services and insurance.....................
Other services .................................................
Final consumption expenditures of nonprofit
institutions serving households........................
Gross output of nonprofit institutions ...............
Less: Receipts from sales of goods and
services by nonprofit institutions ..................
Gross private domestic investment ........................
Fixed investment ...................................................
Nonresidential......................................................
Structures ........................................................
Equipment........................................................
Information processing equipment...............
Computers and peripheral equipment......
Other ........................................................
Industrial equipment.....................................
Transportation equipment ............................
Other equipment ..........................................
Intellectual property products ..........................
Software.......................................................
Research and development .........................
Entertainment, literary, and artistic originals
Residential...........................................................
Change in private inventories ..............................
Farm ....................................................................
Nonfarm...............................................................
Net exports of goods and services .........................
Exports...................................................................
Goods..................................................................
Services...............................................................
Imports ...................................................................
Goods..................................................................
Services...............................................................
Government consumption expenditures and
gross investment...................................................
Federal....................................................................
National defense..................................................
Consumption expenditures ..............................
Gross investment .............................................
Nondefense .........................................................
Consumption expenditures ..............................
Gross investment .............................................
State and local .......................................................
Consumption expenditures..................................
Gross investment.................................................

2011
IV

1.6

2.3

2.2

2.7

2.5

1.55
0.71
0.43
0.07
0.09
0.20
0.06
0.28

1.25
0.64
0.52
0.17
0.07
0.22
0.06
0.12

1.64
0.78
0.49
0.12
0.10
0.20
0.07
0.29

1.77
0.84
0.46
0.17
0.03
0.18
0.08
0.38

2.79
1.66
0.88
0.46
0.13
0.18
0.11
0.78

0.06 0.04
0.08 0.02
–0.07 –0.05
0.21 0.11
0.84 0.61

0.05
0.02
0.02
0.20
0.86

0.86 0.52
0.16 0.08
0.28 0.37
0.05 0.04
0.06 0.04
0.11 0.11
0.09 –0.23
0.12 0.11

I

2.9

2012
III

0.8

IV

4.6

2013

I

II

III

IV

2.3

1.6

2.5

0.1

1.87 0.86
1.06 0.29
0.75 0.16
0.23 0.01
0.13 –0.07
0.29 0.15
0.10 0.08
0.31 0.13

1.32
0.74
0.57
0.21
0.04
0.21
0.10
0.17

I

II

2.7

1.8

2014
III

IV

I

Line
II r

4.5

3.5

–2.1

4.2

1

1.32
0.67
0.64
0.26
0.09
0.20
0.09
0.02

2.45 1.23 1.39
1.35 0.30 0.80
0.61 0.33 0.36
0.14 0.00 0.04
0.14 0.09 0.16
0.24 0.20 0.17
0.09 0.04 –0.01
0.74 –0.03 0.43

2.51
0.83
0.42
0.13
0.07
0.12
0.10
0.41

0.83
0.23
0.23
0.13
0.01
0.07
0.01
0.00

1.69
1.30
1.00
0.47
0.20
0.26
0.08
0.29

2
3
4
5
6
7
8
9

0.09 0.31 0.06 –0.01 –0.09 –0.05 0.15 0.09 0.06 0.04
0.02 0.27 0.08 0.08 –0.14 0.07 0.13 –0.15 0.12 –0.05
0.05 –0.04 –0.09 –0.27 –0.02 –0.05 –0.16 0.16 –0.03 –0.16
0.23 0.25 0.25 0.21 0.07 0.11 0.19 0.03 0.02 0.20
0.92 1.14 0.72 0.75 1.00 0.04 0.81 0.57 0.58 0.65

0.14 –0.14 0.11
0.11 0.04 –0.08
0.15 0.00 0.09
0.34 0.08 0.31
1.11 0.93 0.59

0.13 –0.05 –0.08
0.05 –0.08 0.11
0.00 0.05 –0.09
0.23 0.08 0.35
1.69 0.60 0.40

10
11
12
13
14

1.20 0.78 0.73 0.83 0.15 0.74 0.32 0.54 0.38 1.21 0.90 0.48
0.28 0.04 0.16 0.34 –0.14 –0.20 0.46 0.24 –0.22 0.62 –0.01 –0.18
0.43 0.20 0.22 –0.03 0.51 0.70 0.13 0.40 0.13 0.04 0.40 0.30
0.04 0.02 0.09 0.07 0.02 0.01 0.04 0.06 0.01 0.10 0.05 0.02
0.08 –0.03 0.16 0.06 0.01 0.06 0.02 0.02 0.04 0.16 0.00 0.09
0.14 0.16 0.03 0.09 0.08 0.18 0.06 0.10 0.18 0.13 –0.04 0.01
0.20 0.15 –0.03 0.17 –0.30 –0.34 –0.33 –0.39 0.09 0.25 0.33 0.11
0.03 0.26 0.10 0.13 –0.01 0.33 –0.06 0.11 0.15 –0.09 0.17 0.13

1.50 0.61 0.26
0.24 0.68 –0.42
0.48 –0.16 0.05
0.06 0.04 0.04
0.02 –0.05 0.09
0.30 –0.05 0.22
0.28 0.14 0.10
0.12 0.02 0.18

15
16
17
18
19
20
21
22

0.19 –0.01
0.51 –0.31

0.14
0.02

23
24

0.78 1.03
0.16 0.27
0.24 0.44
0.05 0.05
0.06 0.15
0.09 0.10
0.10 –0.02
0.07 0.04

–1.5

II

1.38 0.57 1.20 0.94
0.66 –0.18 0.20 0.90
0.37 –0.19 0.36 0.83
0.02 –0.52 0.03 0.50
0.07 0.10 0.07 0.14
0.23 0.16 0.20 0.23
0.05 0.07 0.07 –0.05
0.29 0.01 –0.17 0.08

–0.02
0.08

0.09
0.23

0.07 –0.11 –0.07 –0.06
0.13 0.18 0.17 –0.10

0.10
0.73
0.86
0.85
0.06
0.66
0.03
–0.01
0.04
0.22
0.29
0.13
0.13
0.11
0.02
0.00
0.01
–0.14
0.07
–0.20
–0.02
0.87
0.57
0.29
–0.89
–0.78
–0.11

0.14
1.33
1.17
0.84
0.32
0.37
0.06
0.02
0.03
0.05
0.21
0.05
0.15
0.10
0.03
0.02
0.33
0.15
–0.07
0.22
0.04
0.44
0.34
0.10
–0.40
–0.30
–0.10

0.06
0.76
0.70
0.37
–0.01
0.26
0.05
0.00
0.05
0.05
0.08
0.07
0.13
0.05
0.06
0.01
0.33
0.06
0.13
–0.07
0.22
0.41
0.26
0.15
–0.19
–0.13
–0.06

0.29
1.86
–0.04
0.90
–0.15
0.83
0.13
–0.09
0.22
0.04
0.54
0.12
0.22
0.06
0.11
0.05
–0.94
1.90
–0.11
2.01
–0.83
1.38
0.72
0.65
–2.20
–1.88
–0.32

0.24
–0.51
1.13
0.94
0.18
0.57
0.19
–0.03
0.22
0.14
0.08
0.16
0.19
0.09
0.06
0.04
0.19
–1.63
0.02
–1.66
1.12
1.53
0.99
0.54
–0.41
–0.36
–0.05

–0.04
–1.07
–0.11
–0.09
–0.73
0.59
–0.24
–0.11
–0.13
0.36
0.31
0.16
0.05
0.14
–0.03
–0.06
–0.02
–0.96
0.30
–1.27
–0.24
0.27
0.24
0.03
–0.51
–0.73
0.22

0.05
2.14
1.10
0.97
0.63
0.22
0.17
0.16
0.01
0.06
–0.03
0.02
0.12
0.16
–0.02
–0.02
0.13
1.04
–0.02
1.06
0.31
0.82
0.45
0.37
–0.51
–0.11
–0.40

–0.21
0.15
2.25
2.06
0.56
1.31
0.05
0.08
–0.03
0.38
0.52
0.36
0.19
0.17
0.00
0.01
0.19
–2.10
0.08
–2.18
0.01
0.57
0.32
0.25
–0.56
–0.32
–0.24

–0.65
–0.24
–0.13
–0.07
–0.06
–0.11
–0.11
0.00
–0.41
–0.27
–0.14

–0.30
–0.15
–0.18
–0.12
–0.06
0.03
0.05
–0.02
–0.15
–0.02
–0.12

–0.39
–0.45
–0.33
–0.24
–0.09
–0.12
–0.08
–0.04
0.06
0.12
–0.06

–0.07
0.32
0.41
0.37
0.04
–0.09
–0.11
0.02
–0.39
–0.41
0.02

–0.87
–0.23
–0.19
–0.25
0.06
–0.04
–0.05
0.01
–0.63
–0.35
–0.28

–1.60
–0.95
–0.81
–0.47
–0.35
–0.14
–0.16
0.02
–0.65
–0.38
–0.28

–0.08
0.14
0.36
0.28
0.08
–0.22
–0.18
–0.04
–0.22
–0.11
–0.11

–0.52
–0.35
0.11
0.16
–0.06
–0.45
–0.42
–0.03
–0.17
–0.10
–0.07

r Revised
See “Explanatory Note” at the end of the tables.

-6-

0.02 0.18 –0.12
0.08 –0.04 0.27

0.08
0.45

0.25
0.08

0.04
0.37

0.27 –0.10
0.05 –0.11

0.38
4.16
1.36
1.08
0.34
0.49
–0.04
–0.05
0.01
0.29
0.49
–0.25
0.26
0.15
0.07
0.03
0.28
2.80
0.05
2.75
–0.21
0.56
0.76
–0.20
–0.76
–0.76
0.00

0.37
1.04
1.24
0.66
0.46
0.17
0.18
0.09
0.09
–0.26
0.22
0.03
0.03
0.03
–0.02
0.02
0.59
–0.20
–0.06
–0.15
–0.11
0.19
0.15
0.03
–0.29
–0.27
–0.02

–0.16
0.88
0.61
0.50
0.27
0.03
–0.09
–0.03
–0.06
0.03
0.08
0.01
0.19
0.11
0.06
0.02
0.11
0.27
–0.14
0.41
–0.04
0.64
0.49
0.15
–0.68
–0.57
–0.11

0.32
0.26
0.45
0.09
–0.04
0.03
–0.13
–0.13
–0.01
–0.01
–0.15
0.32
0.10
0.04
0.05
0.01
0.36
–0.19
–0.29
0.10
0.39
0.28
0.19
0.09
0.10
0.17
–0.07

–0.21
–0.84
0.96
0.44
–0.19
0.44
0.25
0.18
0.07
0.07
0.09
0.03
0.19
0.06
0.11
0.02
0.52
–1.80
0.14
–1.95
0.79
0.19
–0.30
0.50
0.59
0.68
–0.09

–0.31
–0.21
–0.53
–0.53
0.00
0.32
0.35
–0.03
–0.10
–0.05
–0.05

–0.56
–0.25
–0.40
–0.18
–0.22
0.15
0.16
0.00
–0.31
–0.08
–0.23

–0.08
–0.08
–0.06
–0.14
0.08
–0.01
–0.01
–0.01
0.00
0.03
–0.04

0.52
0.59
0.58
0.62
–0.04
0.01
0.03
–0.02
–0.07
0.11
–0.18

–1.20
–1.10
–1.12
–0.97
–0.15
0.02
0.03
–0.01
–0.10
0.07
–0.17

0.03
0.27

0.12
0.14

–0.01
1.12
0.42
0.20
–0.33
0.28
0.03
–0.06
0.09
0.03
0.08
0.15
0.24
0.16
0.07
0.01
0.22
0.70
0.36
0.35
–0.08
–0.12
–0.09
–0.03
0.04
–0.08
0.12

0.24
1.03
0.74
0.21
0.19
0.09
0.09
–0.06
0.15
0.00
0.12
–0.12
–0.08
–0.15
0.06
0.01
0.53
0.30
0.10
0.19
–0.54
0.82
0.74
0.09
–1.36
–1.13
–0.23

0.03
2.50
1.01
0.67
0.29
0.27
0.08
0.03
0.05
0.20
0.05
–0.07
0.11
0.12
–0.01
–0.01
0.34
1.49
0.17
1.32
0.59
0.67
0.52
0.15
–0.09
–0.01
–0.08

0.33
0.62
0.95
1.23
0.34
0.76
–0.07
0.11
–0.18
0.02
0.45
0.36
0.14
0.07
0.06
0.01
–0.28
–0.34
0.01
–0.35
1.08
1.30
1.20
0.10
–0.22
–0.12
–0.09

–0.30
–1.13
0.03
0.20
0.08
–0.06
–0.13
–0.22
0.09
0.17
0.00
–0.09
0.18
0.03
0.14
0.01
–0.17
–1.16
–0.23
–0.93
–1.66
–1.30
–1.18
–0.12
–0.36
–0.33
–0.03

–0.12
2.64
1.25
1.03
0.26
0.59
0.40
0.10
0.30
0.32
0.02
–0.14
0.17
0.07
0.09
0.01
0.22
1.39
0.08
1.31
–0.43
1.31
1.22
0.09
–1.74
–1.60
–0.14

25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

–0.75
–0.79
–0.55
–0.35
–0.20
–0.24
–0.17
–0.07
0.04
0.16
–0.12

0.04
–0.26
–0.09
–0.05
–0.05
–0.17
–0.12
–0.04
0.31
0.15
0.15

0.04
–0.08
0.03
0.02
0.00
–0.11
–0.08
–0.03
0.13
0.12
0.00

–0.71
–0.79
–0.55
–0.48
–0.06
–0.24
–0.20
–0.04
0.07
0.09
–0.02

–0.15
–0.01
–0.18
0.12
–0.30
0.17
0.21
–0.04
–0.14
0.08
–0.22

0.27
–0.06
0.04
–0.07
0.11
–0.10
–0.07
–0.03
0.33
0.12
0.20

52
53
54
55
56
57
58
59
60
61
62

Table 3. Gross Domestic Product: Level and Change From Preceding Period—Continues
Billions of dollars

Billions of chained (2009) dollars

Seasonally adjusted at annual rates

Change from preceding
period

Seasonally adjusted at annual rates

Line
2013

2013

2013

2014

2013

2014

Line

2014
2013

1
Gross domestic product ...................................
2 Personal consumption expenditures ......................
3 Goods.....................................................................
4
Durable goods .....................................................
5
Motor vehicles and parts .................................
6
Furnishings and durable household
equipment ....................................................
7
Recreational goods and vehicles.....................
8
Other durable goods ........................................
9
Nondurable goods ...............................................
10
Food and beverages purchased for offpremises consumption.................................
11
Clothing and footwear......................................
12
Gasoline and other energy goods....................
13
Other nondurable goods ..................................
14 Services .................................................................
15
Household consumption expenditures (for
services) ..........................................................
16
Housing and utilities.........................................
17
Health care ......................................................
18
Transportation services....................................
19
Recreation services.........................................
20
Food services and accommodations ...............
21
Financial services and insurance ....................
22
Other services .................................................
23
Final consumption expenditures of nonprofit
institutions serving households........................
24
Gross output of nonprofit institutions ...............
25
Less: Receipts from sales of goods and
services by nonprofit institutions..................
26 Gross private domestic investment ........................
27 Fixed investment ...................................................
28
Nonresidential .....................................................
29
Structures ........................................................
30
Equipment .......................................................
31
Information processing equipment...............
32
Computers and peripheral equipment......
33
Other ........................................................
34
Industrial equipment ....................................
35
Transportation equipment ............................
36
Other equipment ..........................................
37
Intellectual property products ..........................
38
Software.......................................................
39
Research and development .........................
40
Entertainment, literary, and artistic originals
41
Residential...........................................................
42 Change in private inventories ..............................
43
Farm ....................................................................
44
Nonfarm...............................................................
45 Net exports of goods and services .........................
46 Exports...................................................................
47
Goods..................................................................
48
Services...............................................................
49 Imports...................................................................
50
Goods..................................................................
51
Services...............................................................

II

III

IV

Ir

II r

15,606.6
10,660.4
3,605.2
1,310.0
374.0

15,779.9
10,713.3
3,636.1
1,325.9
375.5

15,916.2
10,811.4
3,669.0
1,344.5
380.5

15,831.7
10,844.3
3,678.3
1,355.0
385.7

15,994.3
10,910.4
3,730.3
1,401.0
403.6

341.1
250.0
119.5
83.3
18.1

–84.5
32.9
9.3
10.5
5.2

162.6
66.1
52.0
46.0
17.9

1
2
3
4
5

280.9
280.1
282.5
283.0
281.7
286.8
305.1
301.8
308.8
312.1
312.7
322.1
348.7
347.9
350.6
351.5
350.6
359.2
452.0
448.5
457.7
464.1
468.3
482.8
202.0
201.9
201.7
204.2
203.1
205.9
194.4
194.0
193.7
197.7
198.1
201.5
2,601.9 2,575.6 2,612.9 2,624.6 2,628.4 2,664.1 2,322.6 2,310.5 2,326.4 2,341.8 2,341.9 2,352.9

16.7
41.2
10.9
42.5

0.6
4.2
0.4
0.1

9.4
14.5
3.4
11.0

6
7
8
9

872.2
866.3
873.1
878.6
879.4
885.7
809.4
804.6
808.9
814.0
811.9
808.9
360.7
360.7
360.6
361.0
357.8
364.8
341.2
342.7
339.4
341.5
338.3
342.7
408.3
397.6
412.6
407.1
407.1
409.5
271.7
270.4
272.9
272.9
274.4
271.7
960.7
951.1
966.7
977.9
984.0 1,004.1
909.9
902.2
914.4
923.5
926.8
940.9
7,633.2 7,593.2 7,653.4 7,767.2 7,837.8 7,904.5 7,073.1 7,054.5 7,076.6 7,141.9 7,165.4 7,180.4

7.8
3.5
2.5
30.2
130.7

–2.1
–3.2
1.5
3.3
23.5

–3.0
4.4
–2.7
14.1
15.0

10
11
12
13
14

7,327.5
2,086.3
1,920.3
332.6
436.0
714.7
826.7
1,010.9

7,577.7 6,772.5 6,757.7 6,775.4 6,833.4 6,857.1 6,866.8
2,157.7 1,965.7 1,966.9 1,959.6 1,969.1 1,996.0 1,979.5
1,963.1 1,781.1 1,774.6 1,786.0 1,804.7 1,798.4 1,800.4
342.5
307.6
307.1
307.9
310.0
311.4
313.2
448.5
405.7
403.6
407.2
408.2
406.2
409.6
747.5
655.4
651.9
652.3
663.7
661.5
669.9
872.6
728.5
727.1
730.8
741.1
746.2
749.7
1,045.8
928.9
927.0
931.9
936.6
937.3
944.1

119.1
25.3
36.1
8.0
9.6
14.3
14.8
10.8

23.7
26.9
–6.3
1.4
–2.0
–2.2
5.1
0.7

9.7
–16.5
2.0
1.8
3.4
8.4
3.5
6.8

15
16
17
18
19
20
21
22

305.6
303.3
307.9
315.5
319.4
326.8
301.2
297.2
301.9
309.5
309.1
314.8
1,242.9 1,235.4 1,245.9 1,273.2 1,267.3 1,275.5 1,151.4 1,146.2 1,151.7 1,171.7 1,159.4 1,160.2

11.9
20.2

–0.4
–12.3

5.7
0.8

23
24

846.8
8.8 –11.7
–4.5
2,694.7 120.3 –46.5 106.5
2,586.3 111.2
1.1
50.2
2,093.3
58.8
8.2
41.8
452.0
–2.1
3.1
10.1
999.8
41.6
–2.4
25.0
316.0
9.0
–6.0
17.9
............. ............ ............ ............
230.7
8.9
3.9
13.1
221.9
7.4
6.7
12.9
248.6
13.5
–0.1
0.8
217.6
11.7
–3.7
–6.0
643.8
20.4
7.2
7.0
303.0
8.9
1.1
3.0
261.8
9.4
5.4
3.6
79.2
1.9
0.4
0.4
493.8
51.9
–6.6
8.5
83.9
6.5 –46.6
48.7
4.1
13.2
–8.3
1.9
80.8 –10.7 –37.1
47.5
–463.5
32.1 –63.2 –16.3
2,076.2
59.7 –49.6
49.3
1,433.7
38.0 –44.9
45.6
641.8
21.9
–4.5
3.4
2,539.7
27.7
13.6
65.6
2,077.0
18.4
12.4
59.3
461.9
9.7
1.2
5.6

25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

16,768.1
11,484.3
3,851.2
1,249.3
417.7

937.2
2,648.0
2,573.9
2,054.0
457.2
949.7
286.5
77.6
208.9
209.8
228.2
225.3
647.1
294.5
274.9
77.7
519.9
74.1
12.4
61.7
–508.2
2,262.2
1,562.8
699.4
2,770.4
2,302.3
468.1

II

III

IV

Ir

II r

16,619.2
11,414.3
3,821.0
1,245.4
415.5

16,872.3
11,518.7
3,865.3
1,252.4
417.5

17,078.3
11,653.3
3,886.1
1,261.5
422.8

17,044.0
11,728.5
3,890.6
1,262.3
426.9

17,311.3
11,867.8
3,963.3
1,299.2
447.2

7,289.9
2,082.6
1,907.4
330.2
432.0
710.5
819.9
1,007.4

932.2
2,594.6
2,543.8
2,026.9
448.5
937.0
286.9
75.4
211.5
205.4
222.9
221.8
641.4
290.1
273.9
77.4
516.9
50.8
10.5
40.3
–532.0
2,236.4
1,543.2
693.2
2,768.4
2,302.2
466.3

7,345.5
2,085.6
1,926.8
333.7
438.5
713.6
833.0
1,014.2

938.0
2,708.9
2,598.1
2,060.2
463.0
948.8
289.6
76.4
213.2
213.6
226.5
219.1
648.4
295.2
275.5
77.7
538.0
110.7
16.7
94.0
–509.9
2,268.4
1,565.7
702.7
2,778.3
2,308.6
469.7

7,451.7
2,110.1
1,956.2
337.4
442.0
727.5
852.0
1,026.4

957.7
2,745.2
2,654.6
2,118.7
481.7
980.0
286.0
80.8
205.2
214.5
245.2
234.3
657.0
297.8
280.8
78.4
535.9
90.5
12.4
78.2
–462.9
2,324.6
1,614.0
710.7
2,787.5
2,309.7
477.8

7,518.4
2,160.3
1,951.7
339.2
442.7
730.8
861.0
1,032.8

947.9
2,714.4
2,674.3
2,134.6
487.9
979.5
280.3
71.4
209.0
222.7
245.3
231.1
667.2
298.9
289.1
79.3
539.7
40.1
3.1
37.0
–538.0
2,284.7
1,575.3
709.5
2,822.7
2,341.5
481.2

948.7
2,834.2
2,734.8
2,184.6
500.7
1,007.3
297.7
75.9
221.8
237.1
246.8
225.8
676.6
302.3
294.3
80.0
550.2
99.4
7.4
92.0
–551.8
2,340.0
1,622.1
717.9
2,891.8
2,404.7
487.1

15,710.3
10,699.7
3,626.0
1,319.0
376.0

850.8
2,556.2
2,479.2
1,990.6
421.7
947.2
304.0
.............
217.0
197.7
231.1
219.0
624.1
295.9
250.7
78.0
488.4
63.5
7.6
55.2
–420.4
2,019.8
1,382.9
636.6
2,440.3
1,991.5
448.4

849.4
2,510.7
2,457.0
1,966.8
414.7
934.8
304.1
.............
219.6
193.6
226.4
215.6
619.8
291.1
251.0
78.1
489.8
43.4
6.2
36.4
–446.0
2,002.8
1,368.9
633.6
2,448.8
2,000.1
448.2

850.4
2,610.3
2,496.8
1,993.3
425.8
945.6
307.4
..............
221.5
201.5
228.7
212.7
624.1
296.2
250.6
77.8
503.0
95.6
10.8
84.0
–424.6
2,027.7
1,388.0
639.3
2,452.3
2,000.8
451.2

863.0
2,634.7
2,535.0
2,043.3
438.8
977.2
304.1
..............
213.7
202.3
247.9
227.3
629.6
298.9
252.8
78.4
491.9
81.8
10.5
70.4
–384.0
2,076.5
1,433.0
642.9
2,460.5
2,005.3
455.1

851.3
2,588.2
2,536.1
2,051.5
441.9
974.8
298.1
..............
217.6
209.0
247.8
223.6
636.8
300.0
258.2
78.8
485.3
35.2
2.2
33.3
–447.2
2,026.9
1,388.1
638.4
2,474.1
2,017.7
456.3

Ir

II r

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014.
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance
or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
See “Explanatory Note” at the end of the tables.

-7-

Table 3. Gross Domestic Product: Level and Change From Preceding Period—Table Ends
Billions of dollars

Billions of chained (2009) dollars

Seasonally adjusted at annual rates

Change from preceding
period

Seasonally adjusted at annual rates

Line
2013

2013

2013

2014

2013

2014

Line

2014
2013

52 Government consumption expenditures and
gross investment ..................................................
53 Federal...................................................................
54
National defense .................................................
55
Consumption expenditures..............................
56
Gross investment ............................................
57
Nondefense.........................................................
58
Consumption expenditures..............................
59
Gross investment ............................................
60 State and local ......................................................
61
Consumption expenditures .................................
62
Gross investment ................................................
63 Residual......................................................................
Addenda:
64 Final sales of domestic product ..............................
65 Gross domestic purchases .....................................
66 Final sales to domestic purchasers ........................
67 Gross domestic product ......................................
68 Plus: Income receipts from the rest of the world.....
69 Less: Income payments to the rest of the world .....
70 Equals: Gross national product ..........................
71 Net domestic product..............................................
72 Gross domestic income 1........................................

II

III

IV

Ir

II r

3,143.9
1,231.5
769.9
616.4
153.5
461.6
346.6
115.0
1,912.4
1,584.5
327.8
.............

3,142.4
1,234.1
772.2
618.8
153.4
461.9
346.4
115.5
1,908.3
1,579.7
328.5
.............

3,154.7
1,233.9
774.9
621.1
153.8
459.0
344.6
114.4
1,920.7
1,590.2
330.5
.............

3,142.7
1,216.2
757.5
605.5
152.0
458.7
345.6
113.1
1,926.5
1,594.9
331.6
.............

3,139.1
1,208.1
749.9
610.5
139.4
458.2
346.7
111.6
1,931.0
1,607.4
323.6
.............

3,161.1
1,210.5
754.7
610.4
144.3
455.9
345.2
110.7
1,950.5
1,617.1
333.5
.............

16,694.0
17,276.2
17,202.2
16,768.1
810.4
586.1
16,992.4
14,140.8
16,980.0

16,568.4
17,151.2
17,100.4
16,619.2
804.4
589.5
16,834.0
14,006.4
16,909.3

16,761.6
17,382.2
17,271.5
16,872.3
814.2
583.4
17,103.1
14,232.1
17,060.0

16,987.8
17,541.2
17,450.6
17,078.3
831.8
588.9
17,321.2
14,407.8
17,197.8

17,003.9
17,582.0
17,541.8
17,044.0
822.6
611.6
17,255.0
14,345.3
17,221.5

17,211.9
17,863.0
17,763.7
17,311.3
831.5
610.5
17,532.3
14,589.7
17,513.8

II

III

IV

Ir

2,894.5
1,145.3
717.7
571.8
145.7
427.5
318.2
109.3
1,748.4
1,444.7
302.8
–44.0

2,901.2
1,152.2
721.8
575.6
145.9
430.4
320.4
110.0
1,748.3
1,443.0
304.5
–46.8

2,902.4
1,148.7
722.6
576.4
145.9
426.1
317.4
108.7
1,753.0
1,447.6
304.6
–42.4

2,874.5
1,117.8
701.0
557.4
143.4
416.7
309.7
107.0
1,755.7
1,451.1
303.7
–43.3

2,868.5
1,117.4
693.9
562.3
131.1
423.4
317.7
105.5
1,750.2
1,454.1
295.2
–45.6

15,636.7
16,131.0
16,057.9
15,710.3
690.0
498.9
15,902.4
13,203.2
15,908.8

15,555.5
16,054.5
16,003.8
15,606.6
687.0
503.4
15,790.6
13,106.3
15,879.1

15,671.0
16,205.0
16,096.7
15,779.9
692.2
495.9
15,977.6
13,266.3
15,955.4

15,820.7
16,298.6
16,203.6
15,916.2
704.4
498.5
16,124.3
13,389.0
16,027.6

15,782.6
16,280.4
16,231.7
15,831.7
694.2
515.6
16,009.8
13,291.4
15,996.4

II r

Ir

II r

2,878.7
–59.4
–6.0
10.2
1,114.9
–69.1
–0.4
–2.5
695.4
–51.0
–7.1
1.5
559.5
–36.8
4.9
–2.8
135.5
–14.3
–12.3
4.4
419.4
–18.2
6.7
–4.0
314.8
–12.1
8.0
–2.9
104.4
–6.0
–1.5
–1.1
1,762.8
8.9
–5.5
12.6
1,458.9
17.7
3.0
4.8
303.1
–9.0
–8.5
7.9
–50.7 ............. ............ .............
15,890.6
16,460.2
16,357.0
15,994.3
698.4
512.1
16,180.7
13,440.3
16,181.4

332.4
306.4
297.8
341.1
5.8
10.9
335.1
290.9
340.7

–38.1
–18.2
28.1
–84.5
–10.2
17.1
–114.5
–97.6
–31.2

108.0
179.8
125.3
162.6
4.2
–3.5
170.9
148.9
185.0

52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014.
1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance
or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
See “Explanatory Note” at the end of the tables.

-8-

Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
Line

2011

2012

2013

2010
III

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

2011
IV

I

II

2012
III

IV

I

II

2013
III

IV

I

II

2014
III

IV

I

Line
II

r

Gross domestic product (GDP)
2.1
1.8
1.5
1.8
2.1
1.8
3.0
2.3
0.6
2.1
1.8
2.1
1.3
1.3
1.2
1.7
1.5
1.3
2.1
Personal consumption expenditures ...
2.5
1.8
1.2
1.2
2.1
3.0
4.1
2.1
1.4
2.1
1.3
1.3
1.8
1.0
0.5
1.7
1.0
1.4
2.3
Goods...................................................
3.7
1.2 –0.5
0.6
4.0
5.9
7.1
2.0
0.3
1.8 –0.4
0.5
1.0 –1.2 –2.4
1.2 –1.4 –0.6
1.8
Durable goods ..................................
–0.9 –1.3 –1.8 –2.5 –1.9 –0.5
1.6 –0.9 –2.1 –0.8 –1.5 –2.3 –1.8 –1.0 –1.9 –2.5 –2.6 –2.8 –1.8
Nondurable goods ............................
5.9
2.4
0.2
2.2
6.9
9.1
9.6
3.3
1.4
3.1
0.1
1.9
2.4 –1.3 –2.7
3.0 –0.9
0.6
3.6
Services ...............................................
1.8
2.1
2.1
1.5
1.2
1.6
2.6
2.2
1.9
2.3
2.2
1.7
2.2
2.2
2.0
1.9
2.3
2.3
2.6
Gross private domestic investment .....
1.4
1.4
1.8
0.7
2.1
1.3
1.8
1.1
0.9
1.7
1.3
1.5
1.2
1.8
2.3
2.1
2.2
2.4
1.0
Fixed investment ..................................
1.4
1.4
1.8
0.5
1.8
1.5
2.0
1.1
1.0
1.9
1.3
1.5
1.2
1.9
2.4
2.0
2.6
2.8
1.1
Nonresidential...................................
1.5
1.5
1.1
0.6
1.6
1.7
2.2
1.3
1.2
2.5
1.2
1.1
0.5
0.9
1.7
1.2
1.3
1.4
1.2
Structures .....................................
3.0
3.5
2.8
2.1
2.5
1.6
5.1
4.2
4.7
3.5
3.9
1.1
1.4
2.8
5.1
2.2
3.9
2.3
1.4
Equipment.....................................
0.9
1.0
0.4
1.0
1.0
0.8
1.4
0.4
0.9
1.6
0.0
1.2
1.6 –0.3
0.1
0.4 –0.2
0.8
1.1
Intellectual property products .......
1.3
1.0
0.8 –1.0
1.9
2.9
1.4
0.6 –0.7
2.9
1.0
1.0 –1.5
1.2
1.7
1.6
1.7
1.7
1.3
Residential........................................
0.8
0.9
5.0
0.0
2.3
0.9
1.4
0.0
0.1 –0.6
1.5
3.5
4.1
6.5
5.1
5.5
7.6
8.6
0.7
Change in private inventories............... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ..........
Net exports of goods and services ...... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ..........
Exports.................................................
6.4
0.9
0.1
1.0
9.6 10.6
8.8
2.3 –4.2
2.7
0.8 –0.2
1.3
1.0 –3.0
0.7
0.3
2.8 –0.1
Goods...............................................
7.6
0.4 –0.5
1.4 12.6 12.5
9.9
2.1 –5.5
2.3
0.3
0.0
0.7
0.6 –4.0
0.2 –0.6
3.1 –1.2
Services............................................
3.7
1.9
1.3
0.0
3.2
6.3
6.1
2.9 –1.4
3.7
2.2 –0.5
2.6
1.9 –0.8
1.9
2.2
2.2
2.6
Imports .................................................
7.7
0.5 –0.8 –2.5
9.5 17.2 12.8 –0.3 –0.9
3.8 –3.3 –4.6
3.8
0.4 –5.0
0.8
0.0
2.8 –0.8
Goods...............................................
8.8
0.6 –1.1 –3.0 10.5 20.3 14.6 –0.1 –0.5
4.4 –4.1 –5.4
4.2
0.4 –5.6
1.0 –0.7
3.0 –0.9
Services............................................
2.2 –0.1
0.3
0.1
5.1
3.3
4.5 –1.1 –3.2
0.9
0.4 –0.3
2.2
0.1 –1.7
0.2
3.4
1.9
0.0
Government consumption
3.0
1.5
1.2
2.0
2.9
4.0
4.3
1.7 –0.5
3.6
0.0
0.8
1.9
1.3
0.6
1.4
2.4
0.4
1.4
expenditures and gross investment
Federal .................................................
2.7
0.9
1.1
1.6
2.3
4.5
3.6
1.4 –0.8
1.9
0.5
0.2
0.2
1.5
1.0
1.2
5.3 –2.5
1.7
National defense...............................
2.8
1.1
0.8
0.8
2.2
5.5
3.9
1.2 –1.2
3.1
0.5
0.3
0.2
1.2
0.6
1.0
3.1
0.1
1.7
Nondefense ......................................
2.5
0.5
1.6
2.9
2.3
2.8
3.2
1.7
0.0 –0.1
0.5
0.1
0.3
2.0
1.7
1.5
9.0 –6.5
1.8
State and local......................................
3.1
1.9
1.3
2.3
3.3
3.7
4.8
1.9 –0.3
4.7 –0.3
1.2
3.1
1.2
0.4
1.5
0.6
2.2
1.2
Addenda:
Final sales of domestic product............
2.1
1.8
1.5
1.8
2.0
1.8
3.0
2.3
0.6
2.2
1.8
2.1
1.3
1.3
1.2
1.7
1.6
1.4
2.2
Gross domestic purchases...................
2.4
1.7
1.3
1.3
2.3
3.0
3.8
1.9
0.9
2.3
1.1
1.2
1.7
1.2
0.8
1.7
1.4
1.4
1.9
Final sales to domestic purchasers......
2.4
1.7
1.3
1.3
2.2
3.0
3.9
1.9
1.0
2.4
1.1
1.2
1.7
1.2
0.8
1.7
1.5
1.4
2.0
Gross national product (GNP)..............
2.1
1.8
1.5
1.8
2.1
1.8
3.0
2.3
0.6
2.1
1.8
2.1
1.3
1.3
1.2
1.7
1.5
1.3
2.1
Implicit price deflators:
GDP..................................................
2.1
1.8
1.5
1.8
2.1
1.8
2.9
2.4
0.6
2.1
1.9
1.9
1.5
1.4
1.1
1.6
1.4
1.3
2.2
Gross domestic purchases ...............
2.4
1.7
1.3
1.3
2.3
3.0
3.8
2.0
1.0
2.3
1.1
1.0
1.9
1.3
0.6
1.6
1.3
1.4
2.0
GNP..................................................
2.1
1.8
1.5
1.8
2.1
1.8
3.0
2.4
0.6
2.1
1.8
1.9
1.5
1.4
1.1
1.6
1.4
1.3
2.2

r Revised
See “Explanatory Note” at the end of the tables.

-9-

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2009=100]
Seasonally adjusted
Line

2011

2012

2013

2013
II

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

III

2014
IV

I

Line
II r

Gross domestic product .....................................................
104.174
106.592
108.957
108.238
109.440
110.386
109.799
110.927
Personal consumption expenditures................................................
104.230
106.121
108.660
108.261
108.798
109.795
110.128
110.799
Goods ...............................................................................................
106.670
109.632
113.367
112.716
113.684
114.711
115.004
116.629
Durable goods...............................................................................
112.529
120.756
128.896
128.014
129.565
131.387
132.412
136.910
Nondurable goods.........................................................................
104.049
104.828
106.780
106.223
106.955
107.664
107.669
108.172
Services............................................................................................
103.051
104.420
106.385
106.106
106.439
107.421
107.774
108.000
Gross private domestic investment ..................................................
118.758
129.700
136.102
133.681
138.983
140.284
137.809
143.477
Fixed investment...............................................................................
107.947
116.899
122.387
121.290
123.257
125.141
125.198
127.674
Nonresidential ...............................................................................
110.335
118.263
121.865
120.410
122.028
125.090
125.591
128.150
Structures..................................................................................
85.509
96.703
96.227
94.628
97.167
100.134
100.840
103.137
Equipment .................................................................................
131.601
140.558
147.015
145.087
146.757
151.674
151.298
155.175
Intellectual property products....................................................
105.506
109.587
113.278
112.494
113.275
114.289
115.595
116.855
Residential ....................................................................................
98.032
111.276
124.521
124.870
128.238
125.412
123.725
125.881
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
119.561
123.453
127.213
126.139
127.709
130.784
127.660
130.765
Imports of goods and services .........................................................
118.883
121.653
123.048
123.478
123.657
124.067
124.756
128.061
Government consumption expenditures and gross investment....
97.031
95.625
93.699
93.917
93.957
93.052
92.860
93.190
Federal..............................................................................................
101.538
99.729
94.055
94.624
94.337
91.794
91.765
91.556
State and local ..................................................................................
94.100
92.953
93.429
93.420
93.671
93.818
93.522
94.195
Addenda:
Final sales of domestic product ........................................................
102.833
105.067
107.349
106.791
107.584
108.612
108.350
109.091
Gross domestic purchases ...............................................................
104.521
106.821
108.889
108.373
109.389
110.020
109.898
111.111
Final sales to domestic purchasers ..................................................
103.213
105.336
107.326
106.965
107.585
108.300
108.488
109.326
Gross national product......................................................................
104.607
106.846
109.147
108.379
109.663
110.669
109.883
111.056

r Revised
See “Explanatory Note” at the end of the tables.

- 10 -

1
2
3
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5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2009=100]
Seasonally adjusted
Line

2011

2012

2013

2013
II

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

III

2014
IV

I

Line
II r

Gross domestic product .....................................................
103.315
105.174
106.739
106.495
106.943
107.347
107.694
108.264
Personal consumption expenditures (PCE).....................................
104.149
106.062
107.333
107.074
107.520
107.789
108.156
108.778
Goods ...............................................................................................
105.413
106.712
106.211
105.986
106.301
105.917
105.769
106.243
Durable goods...............................................................................
97.725
96.466
94.712
95.060
94.450
93.820
93.148
92.721
Nondurable goods.........................................................................
109.188
111.828
112.025
111.477
112.316
112.075
112.230
113.228
Services............................................................................................
103.524
105.745
107.919
107.641
108.154
108.759
109.390
110.089
Gross private domestic investment ..................................................
100.453
101.825
103.632
103.370
103.897
104.465
105.094
105.353
Fixed investment...............................................................................
100.524
101.955
103.822
103.545
104.071
104.734
105.461
105.756
Nonresidential ...............................................................................
100.545
102.082
103.186
103.058
103.364
103.701
104.059
104.374
Structures..................................................................................
101.851
105.464
108.416
108.194
108.778
109.829
110.452
110.826
Equipment .................................................................................
98.858
99.828
100.263
100.231
100.339
100.287
100.477
100.752
Intellectual property products....................................................
101.883
102.857
103.693
103.487
103.901
104.339
104.770
105.104
Residential ....................................................................................
100.395
101.342
106.448
105.571
106.982
108.968
111.244
111.451
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
110.960
111.940
112.001
111.663
111.868
111.945
112.716
112.701
Imports of goods and services .........................................................
113.942
114.501
113.529
113.048
113.287
113.286
114.082
113.858
Government consumption expenditures and gross investment....
105.717
107.286
108.618
108.312
108.690
109.330
109.431
109.806
Federal..............................................................................................
105.422
106.341
107.530
107.093
107.406
108.791
108.105
108.566
State and local ..................................................................................
105.923
107.947
109.377
109.154
109.572
109.729
110.332
110.653
Addenda:
PCE excluding food and energy 1 .....................................................
102.800
104.678
106.084
105.875
106.252
106.603
106.922
107.442
Market-based PCE 2 .........................................................................
104.034
105.918
107.043
106.779
107.226
107.420
107.754
108.361
Market-based PCE excluding food and energy 2 ..............................
102.462
104.300
105.557
105.350
105.720
105.995
106.269
106.757
Final sales of domestic product ........................................................
103.319
105.188
106.762
106.515
106.963
107.380
107.742
108.319
Gross domestic purchases ...............................................................
103.970
105.738
107.105
106.837
107.284
107.667
108.030
108.551
Final sales to domestic purchasers ..................................................
103.974
105.752
107.126
106.855
107.301
107.699
108.075
108.603
Gross national product......................................................................
103.439
105.296
106.860
106.615
107.065
107.468
107.815
108.383
Implicit price deflators:
Gross domestic product ................................................................
103.311
105.166
106.733
106.488
106.923
107.301
107.658
108.234
Final sales of domestic product ....................................................
103.319
105.188
106.762
106.511
106.959
107.377
107.738
108.315
Gross domestic purchases ...........................................................
103.966
105.730
107.099
106.831
107.264
107.624
107.995
108.523
Final sales to domestic purchasers...............................................
103.974
105.752
107.126
106.852
107.298
107.696
108.072
108.600
Gross national product..................................................................
103.435
105.288
106.854
106.608
107.044
107.423
107.778
108.353

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

r Revised
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished
without payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A.
See “Explanatory Note” at the end of the tables.

- 11 -

Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013 Line

Gross domestic product (GDP) ...............................................
4.5
4.7
4.1
1.0
1.8
2.8
3.8
3.3
2.7
1.8 –0.3 –2.8
2.5
1.6
2.3
2.2
Personal consumption expenditures .................................................
5.3
5.3
5.1
2.6
2.6
3.1
3.8
3.5
3.0
2.2 –0.3 –1.6
1.9
2.3
1.8
2.4
Goods.................................................................................................
6.7
7.9
5.2
3.0
3.9
4.8
5.1
4.1
3.6
2.7 –2.5 –3.0
3.4
3.1
2.8
3.4
Durable goods ................................................................................ 12.1 12.8
8.6
5.2
7.3
7.1
8.2
5.4
4.3
4.6 –5.1 –5.5
6.1
6.1
7.3
6.7
Nondurable goods ..........................................................................
3.7
5.0
3.2
1.7
1.9
3.5
3.3
3.3
3.3
1.7 –1.1 –1.8
2.2
1.8
0.7
1.9
Services .............................................................................................
4.6
3.9
5.0
2.4
1.9
2.2
3.2
3.2
2.7
2.0
0.8 –0.9
1.2
1.8
1.3
1.9
Gross private domestic investment ...................................................
9.5
8.4
6.5 –6.1 –0.6
4.1
8.8
6.4
2.1 –3.1 –9.4 –21.6 12.9
5.2
9.2
4.9
Fixed investment ................................................................................ 10.2
8.8
6.9 –1.6 –3.5
4.0
6.7
6.8
2.0 –2.0 –6.8 –16.7
1.5
6.3
8.3
4.7
Nonresidential................................................................................. 10.8
9.7
9.1 –2.4 –6.9
1.9
5.2
7.0
7.1
5.9 –0.7 –15.6
2.5
7.7
7.2
3.0
Structures ...................................................................................
5.1
0.1
7.8 –1.5 –17.7 –3.9 –0.4
1.7
7.2 12.7
6.1 –18.9 –16.4
2.3 13.1 –0.5
Equipment................................................................................... 13.1 12.5
9.7 –4.3 –5.4
3.2
7.7
9.6
8.6
3.2 –6.9 –22.9 15.9 13.6
6.8
4.6
Intellectual property products ..................................................... 10.8 12.4
8.9
0.5 –0.5
3.8
5.1
6.5
4.5
4.8
3.0 –1.4
1.9
3.6
3.9
3.4
Residential......................................................................................
8.6
6.3
0.7
0.9
6.1
9.1 10.0
6.6 –7.6 –18.8 –24.0 –21.2 –2.5
0.5 13.5 11.9
Change in private inventories............................................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services .................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports...............................................................................................
2.3
2.6
8.6 –5.8 –1.7
1.8
9.8
6.3
9.0
9.3
5.7 –8.8 11.9
6.9
3.3
3.0
Goods.............................................................................................
2.2
4.2 10.1 –6.2 –3.4
1.9
8.6
7.3
9.4
7.5
6.1 –12.1 14.4
6.5
3.7
2.8
Services..........................................................................................
2.8 –1.4
4.7 –5.0
2.7
1.5 12.7
3.8
8.1 13.7
4.8 –1.1
6.8
7.6
2.4
3.6
Imports ............................................................................................... 11.7 10.1 13.0 –2.8
3.7
4.5 11.4
6.3
6.3
2.5 –2.6 –13.7 12.7
5.5
2.3
1.1
Goods............................................................................................. 11.8 12.8 13.1 –3.2
3.7
4.9 11.2
6.7
5.9
1.8 –3.7 –15.8 14.9
5.8
2.1
0.9
Services.......................................................................................... 10.9 –3.0 12.6 –0.6
3.3
2.1 12.7
4.5
8.6
6.2
3.7 –3.8
3.8
4.0
3.4
2.2
Government consumption expenditures and gross investment .....
2.1
3.4
1.9
3.8
4.4
2.2
1.6
0.6
1.5
1.6
2.8
3.2
0.1 –3.0 –1.4 –2.0
Federal ............................................................................................... –0.9
2.0
0.3
3.9
7.2
6.8
4.5
1.7
2.5
1.7
6.8
5.7
4.4 –2.7 –1.8 –5.7
National defense............................................................................. –2.1
1.5 –0.9
3.5
7.0
8.5
6.0
2.0
2.0
2.5
7.5
5.4
3.2 –2.3 –3.3 –6.6
Nondefense ....................................................................................
1.3
2.7
2.3
4.7
7.4
4.1
2.0
1.3
3.5
0.3
5.5
6.2
6.4 –3.4
1.0 –4.1
State and local....................................................................................
3.8
4.2
2.8
3.7
2.9 –0.4 –0.1
0.0
0.9
1.5
0.3
1.6 –2.7 –3.3 –1.2
0.5
Addenda:
Final sales of domestic product..........................................................
4.5
4.7
4.2
1.9
1.3
2.8
3.4
3.4
2.6
2.0
0.2 –2.0
1.1
1.7
2.2
2.2
Gross domestic purchases.................................................................
5.5
5.5
4.8
1.2
2.3
3.1
4.3
3.5
2.6
1.1 –1.3 –3.8
2.9
1.6
2.2
1.9
Final sales to domestic purchasers....................................................
5.6
5.6
4.9
2.0
1.8
3.1
3.9
3.6
2.6
1.4 –0.9 –3.1
1.5
1.7
2.1
1.9
Gross domestic income 1 ...................................................................
5.3
4.4
4.7
1.1
1.4
2.3
3.7
3.6
4.0
0.1 –0.8 –2.6
2.7
2.2
3.4
2.2
Gross national product .......................................................................
4.4
4.8
4.2
1.1
1.7
2.9
3.9
3.3
2.4
2.2
0.0 –2.9
2.8
1.8
2.1
2.2
Real disposable personal income ......................................................
5.9
3.3
5.0
2.8
3.1
2.7
3.6
1.5
4.0
2.1
1.5 –0.4
1.0
2.5
3.0 –0.2
Price indexes:
Gross domestic purchases .............................................................
0.7
1.6
2.6
1.9
1.4
2.2
2.9
3.5
3.2
2.7
2.9 –0.2
1.5
2.4
1.7
1.3
Gross domestic purchases excluding food and energy 2 ...............
0.9
1.5
2.2
1.8
1.6
1.9
2.7
3.2
3.0
2.5
2.3
0.5
1.3
1.8
1.7
1.4
GDP................................................................................................
1.1
1.4
2.3
2.3
1.5
2.0
2.7
3.2
3.1
2.7
1.9
0.8
1.2
2.1
1.8
1.5
GDP excluding food and energy 2 ..................................................
1.2
1.5
2.3
2.0
1.8
1.9
2.7
3.4
3.1
2.6
2.1
0.5
1.4
1.9
1.7
1.6
Personal consumption expenditures...............................................
0.8
1.5
2.5
1.9
1.3
2.0
2.4
2.9
2.7
2.5
3.1 –0.1
1.7
2.5
1.8
1.2

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.

- 12 -

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2010

2011

2012

2013

2014

Line

Line
III

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

IV

I

II

III

IV

I

II

III

IV

I

II

III

IV

Ir

II r

Gross domestic product (GDP) ..............................................
3.1
2.7
1.9
1.7
1.2
1.7
2.6
2.3
2.7
1.6
1.7
1.8
2.3
3.1
1.9
2.5
Personal consumption expenditures (PCE) .....................................
2.0
3.1
3.0
2.4
2.2
1.5
1.7
1.8
1.8
2.0
2.2
2.3
2.3
2.8
2.2
2.3
Goods................................................................................................
3.0
5.1
4.9
3.4
2.6
1.7
2.1
2.7
3.3
3.0
3.3
3.3
3.4
3.6
2.4
3.5
Durable goods ...............................................................................
4.1
9.3
9.2
5.4
5.0
4.8
6.2
7.5
8.2
7.5
6.9
7.5
6.7
5.9
4.6
6.9
Nondurable goods .........................................................................
2.5
3.3
2.9
2.4
1.5
0.4
0.4
0.5
1.1
1.0
1.7
1.4
1.9
2.5
1.3
1.8
Services ............................................................................................
1.5
2.0
2.1
1.9
2.0
1.4
1.4
1.3
1.1
1.5
1.6
1.8
1.8
2.4
2.1
1.8
Gross private domestic investment .................................................. 21.1 11.1
5.6
4.3
1.3
9.6 13.5 10.9 11.0
2.1
2.3
2.6
6.2
8.7
4.8
7.3
Fixed investment ...............................................................................
2.6
5.5
5.0
3.8
8.1
8.4 11.1 10.1
6.6
5.8
4.2
4.3
5.2
5.1
4.5
5.3
Nonresidential................................................................................
4.9
8.1
6.8
6.1
8.7
9.0 10.8
9.6
5.1
3.7
2.6
1.9
3.0
4.7
4.7
6.4
Structures .................................................................................. –13.8 –4.0 –4.6 –0.9
6.5
8.0 22.0 17.0 10.1
4.8 –2.6 –3.3 –0.4
4.4
8.5
9.0
Equipment.................................................................................. 19.7 20.9 16.2 11.4 13.7 13.1 10.9 10.0
3.6
3.3
3.6
3.8
4.8
6.2
4.7
7.0
Intellectual property products ....................................................
2.2
1.8
2.6
3.9
3.7
4.1
3.9
4.4
3.8
3.4
4.8
3.0
3.0
2.7
2.2
3.9
Residential..................................................................................... –6.9 –5.2 –2.2 –6.0
5.1
6.0 12.4 12.1 13.6 15.8 11.4 15.2 14.5
6.9
3.5
0.8
Change in private inventories............................................................ .......... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services ................................................... .......... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports.............................................................................................. 12.8 10.1
9.0
8.2
6.3
4.2
4.0
3.6
3.1
2.4
1.9
2.2
3.0
5.1
2.8
3.7
Goods............................................................................................ 14.9 10.9
8.5
7.1
5.7
4.8
4.5
4.6
4.2
1.4
0.8
1.5
2.4
6.6
3.4
4.7
Services.........................................................................................
8.6
8.4 10.1 10.6
7.6
2.7
2.8
1.4
0.5
4.8
4.3
3.9
4.3
1.8
1.3
1.3
Imports .............................................................................................. 16.1 12.0 10.0
5.8
3.0
3.5
3.1
3.4
2.4
0.4 –0.1
1.0
1.2
2.5
3.1
3.7
Goods............................................................................................ 18.6 13.6 11.5
5.9
2.7
3.4
2.6
3.4
2.6
0.0 –0.4
0.7
1.0
2.5
3.0
3.8
Services.........................................................................................
5.8
4.9
2.9
5.1
4.3
3.8
6.0
3.3
1.8
2.6
1.4
2.4
2.5
2.6
3.9
3.1
Government consumption expenditures and gross investment .... –0.3 –1.1 –2.3 –3.1 –3.7 –3.0 –1.8 –1.8 –0.5 –1.7 –2.0 –1.8 –2.4 –1.9 –1.1 –0.8
Federal ..............................................................................................
4.0
3.2 –0.5 –2.2 –4.0 –4.0 –2.0 –2.6
0.2 –2.6 –4.4 –5.0 –7.0 –6.3 –3.9 –3.2
National defense............................................................................
2.6
2.0 –1.3 –1.2 –2.5 –4.1 –2.3 –4.2 –1.9 –4.9 –5.8 –6.0 –8.5 –6.1 –4.4 –3.7
Nondefense ...................................................................................
6.6
5.5
0.8 –3.8 –6.7 –3.9 –1.6
0.1
4.1
1.4 –2.0 –3.3 –4.4 –6.6 –3.1 –2.6
State and local................................................................................... –3.1 –4.0 –3.6 –3.8 –3.4 –2.3 –1.7 –1.2 –1.0 –1.0 –0.3
0.4
0.8
1.2
0.8
0.8
Addenda:
Final sales of domestic product.........................................................
0.8
2.0
1.8
1.6
2.1
1.5
2.3
2.2
2.1
2.1
2.0
2.0
2.1
2.6
1.8
2.2
Gross domestic purchases................................................................
3.8
3.2
2.3
1.5
0.9
1.7
2.6
2.3
2.6
1.3
1.4
1.6
2.0
2.8
2.0
2.5
Final sales to domestic purchasers...................................................
1.6
2.5
2.2
1.4
1.7
1.5
2.2
2.2
2.0
1.8
1.7
1.8
1.8
2.2
1.9
2.2
Gross domestic income 1 ..................................................................
3.6
2.6
2.6
2.4
1.7
2.1
3.8
3.4
3.1
3.3
1.9
2.4
2.5
2.0
1.4
1.9
Gross national product ......................................................................
3.0
2.9
2.0
1.8
1.5
2.0
2.6
2.3
2.4
1.3
1.5
1.6
2.3
3.2
1.9
2.5
Real disposable personal income .....................................................
1.8
2.6
3.8
2.3
2.3
1.7
2.1
2.8
2.2
5.0 –0.1
0.3
0.9 –1.9
2.4
2.5
Price indexes:
Gross domestic purchases ............................................................
1.6
1.6
1.9
2.6
2.7
2.4
2.2
1.6
1.4
1.6
1.3
1.2
1.3
1.3
1.3
1.6
Gross domestic purchases excluding food and energy 2 ..............
1.4
1.4
1.5
1.8
2.0
1.9
2.0
1.6
1.5
1.6
1.4
1.3
1.4
1.5
1.4
1.6
GDP...............................................................................................
1.6
1.8
1.9
2.2
2.3
1.9
2.0
1.7
1.6
1.8
1.6
1.5
1.4
1.4
1.4
1.7
GDP excluding food and energy 2 .................................................
1.6
1.6
1.7
2.0
2.1
1.9
2.0
1.7
1.5
1.7
1.5
1.5
1.6
1.7
1.6
1.7
PCE ...............................................................................................
1.4
1.3
1.7
2.6
2.9
2.7
2.4
1.7
1.5
1.6
1.4
1.1
1.2
1.0
1.1
1.6
PCE excluding food and energy 2..................................................
1.3
1.0
1.1
1.4
1.7
1.9
2.0
1.9
1.7
1.6
1.5
1.3
1.3
1.3
1.2
1.5
Market-based PCE 3......................................................................
1.2
1.1
1.6
2.7
2.9
2.8
2.5
1.7
1.5
1.5
1.3
1.0
1.1
0.9
0.9
1.5
Market-based PCE excluding food and energy 3 ...........................
1.0
0.7
0.9
1.3
1.6
1.9
2.0
1.9
1.7
1.5
1.4
1.1
1.2
1.2
1.0
1.3

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014.
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the
final consumption expenditures of nonprofit institutions serving households.

- 13 -

Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2011

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

Gross domestic product ...................................................................................................
Plus: Income receipts from the rest of the world .................................................................
Less: Income payments to the rest of the world ..................................................................
Equals: Gross national product .......................................................................................
Less: Consumption of fixed capital......................................................................................
Less: Statistical discrepancy ...............................................................................................
Equals: National income...................................................................................................
Compensation of employees ...........................................................................................
Wages and salaries......................................................................................................
Supplements to wages and salaries ............................................................................
Proprietors’ income with inventory valuation and capital consumption adjustments .......
Rental income of persons with capital consumption adjustment .....................................
Corporate profits with inventory valuation and capital consumption adjustments............
Net interest and miscellaneous payments .......................................................................
Taxes on production and imports less subsidies..............................................................
Business current transfer payments (net) ........................................................................
Current surplus of government enterprises .....................................................................
Addendum:
18 Gross domestic income ...................................................................................................

2012

2013

2013

2014

Line

II

III

IV

Ir

II r

15,517.9
792.6
546.0
15,764.6
2,450.6
–38.3
13,352.3
8,269.0
6,633.2
1,635.9
1,143.7
485.3
1,816.6
488.1
1,042.6
131.5
–24.5

16,163.2 16,768.1
793.8
810.4
566.5
586.1
16,390.5 16,992.4
2,530.2 2,627.2
–209.2
–211.9
14,069.5 14,577.1
8,606.5 8,844.8
6,932.1 7,124.7
1,674.4 1,720.1
1,260.2 1,336.6
533.0
595.8
2,022.8 2,106.9
491.7
499.8
1,074.0 1,102.3
106.7
120.6
–25.3
–29.6

16,619.2
804.4
589.5
16,834.0
2,612.7
–290.2
14,511.5
8,826.3
7,110.9
1,715.4
1,330.0
590.8
2,103.6
477.1
1,091.1
122.3
–29.6

16,872.3
814.2
583.4
17,103.1
2,640.2
–187.6
14,650.5
8,871.6
7,145.3
1,726.2
1,345.9
604.2
2,140.7
493.3
1,106.5
118.4
–30.1

17,078.3
831.8
588.9
17,321.2
2,670.5
–119.5
14,770.2
8,946.8
7,208.5
1,738.3
1,342.7
613.3
2,143.8
511.2
1,116.8
126.6
–31.0

17,044.0
822.6
611.6
17,255.0
2,698.7
–177.5
14,733.7
9,096.2
7,339.8
1,756.4
1,351.0
622.9
1,942.1
506.5
1,126.8
119.2
–31.1

17,311.3
831.5
610.5
17,532.3
2,721.6
–202.5
15,013.2
9,215.0
7,443.4
1,771.6
1,376.4
636.4
2,097.0
460.8
1,138.7
122.5
–33.6

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

15,556.3

16,372.3

16,909.3

17,060.0

17,197.8

17,221.5

17,513.8

18

16,980.0

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014.

Table 10. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2011

2012

2013

2013
II

Personal income 1 .............................................................................................................
Compensation of employees ...........................................................................................
Wages and salaries......................................................................................................
Supplements to wages and salaries ............................................................................
Proprietors’ income with inventory valuation and capital consumption adjustments .......
Farm.............................................................................................................................
Nonfarm .......................................................................................................................
Rental income of persons with capital consumption adjustment .....................................
Personal income receipts on assets ................................................................................
Personal interest income..............................................................................................
Personal dividend income ............................................................................................
Personal current transfer receipts ....................................................................................
Less: Contributions for government social insurance, domestic ......................................
Less: Personal current taxes ...............................................................................................
Equals: Disposable personal income..............................................................................
Less: Personal outlays.........................................................................................................
Equals: Personal saving ...................................................................................................
Personal saving as a percentage of disposable personal income ...................................
Addenda:
19 Personal income excluding current transfer receipts, billions of chained (2009) dollars 2
20 Disposable personal income, billions of chained (2009) dollars 2....................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

III

2014
IV

I

r

Line
II

r

13,202.0
8,269.0
6,633.2
1,635.9
1,143.7
75.5
1,068.1
485.3
1,913.9
1,231.6
682.2
2,307.9
917.8
1,400.6
11,801.4
11,090.2
711.1
6.0

13,887.7
8,606.5
6,932.1
1,674.4
1,260.2
72.3
1,187.9
533.0
2,088.6
1,255.9
832.7
2,350.7
951.2
1,503.7
12,384.0
11,487.9
896.2
7.2

14,166.9 14,131.3 14,247.4
8,844.8 8,826.3 8,871.6
7,124.7 7,110.9 7,145.3
1,720.1 1,715.4 1,726.2
1,336.6 1,330.0 1,345.9
83.2
83.6
86.8
1,253.5 1,246.5 1,259.2
595.8
590.8
604.2
2,079.7 2,081.9 2,106.9
1,255.2 1,253.5 1,258.5
824.5
828.4
848.4
2,414.5 2,404.5 2,426.6
1,104.5 1,102.1 1,107.8
1,661.8 1,660.6 1,661.5
12,505.1 12,470.7 12,585.8
11,897.1 11,823.9 11,933.1
608.1
646.9
652.8
4.9
5.2
5.2

14,311.7
8,946.8
7,208.5
1,738.3
1,342.7
70.1
1,272.6
613.3
2,094.2
1,263.2
831.0
2,432.3
1,117.5
1,688.1
12,623.7
12,070.8
552.9
4.4

14,484.7
9,096.2
7,339.8
1,756.4
1,351.0
58.1
1,292.9
622.9
2,090.4
1,262.4
828.0
2,470.9
1,146.6
1,711.8
12,772.9
12,146.9
626.1
4.9

14,703.2
9,215.0
7,443.4
1,771.6
1,376.4
69.7
1,306.7
636.4
2,125.8
1,269.6
856.2
2,510.8
1,161.2
1,723.7
12,979.5
12,287.0
692.5
5.3

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

10,460.1
11,331.2

10,877.6
11,676.2

10,949.5 10,952.3
11,650.8 11,647.0

11,021.2
11,711.7

11,108.2
11,810.1

11,208.8
11,932.5

19
20

10,994.3
11,705.9

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014.
1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets, and personal
current transfer receipts.
2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.

- 14 -

Table 11. Corporate Profits: Level and Percent Change
Billions of dollars

Percent change from preceding period

Seasonally adjusted at annual rates

Quarter
one year
ago Line

Quarterly rates

Line
2011

2012

2013

2012
2013
II

1 Corporate profits with inventory valuation and
capital consumption adjustments ..........................
2 Less: Taxes on corporate income ..................................
3 Equals: Profits after tax with inventory valuation
and capital consumption adjustments...................
4 Net dividends..............................................................
5 Undistributed profits with inventory valuation and
capital consumption adjustments ...........................
Addenda for corporate cash flow:
6 Net cash flow with inventory valuation adjustment
7
Undistributed profits with inventory valuation and
capital consumption adjustments........................
8
Consumption of fixed capital...................................
9
Less: Capital transfers paid (net)............................
Addenda:
10 Profits before tax (without inventory valuation and
capital consumption adjustments) ..........................
11 Profits after tax (without inventory valuation and
capital consumption adjustments) ..........................
12 Inventory valuation adjustment...................................
13 Capital consumption adjustment ................................

III

2013

2014
IV

2013

I

II

2014

III

IV

2014

I

II

II

1,816.6 2,022.8 2,106.9 2,103.6 2,140.7 2,143.8 1,942.1 2,097.0
379.1 454.8 474.3 459.2 467.5 495.4 562.3 602.0

11.3
20.0

4.2
4.3

1.8
1.8

0.1
6.0

–9.4
13.5

8.0
7.1

–0.3
31.1

1
2

1,437.5 1,568.0 1,632.6 1,644.4 1,673.1 1,648.4 1,379.8 1,495.0
703.7 857.1 959.6 1,098.7 911.7 992.3 902.8 901.5

9.1
21.8

4.1
12.0

1.7
–17.0

–1.5
8.8

–16.3
–9.0

8.3
–0.1

–9.1
–18.0

3
4

593.6

–3.1

–5.3

39.5

–13.8

–27.3

24.4

8.8

5

2,071.5 2,066.5 2,080.8 1,946.8 2,174.8 2,082.5 1,919.5 2,050.4

–0.2

0.7

11.7

–4.2

–7.8

6.8

5.3

6

733.9 710.9 673.0 545.7 761.5 656.0 477.1 593.6
–3.1
–5.3
39.5 –13.8 –27.3
24.4
8.8
1,298.8 1,348.5 1,402.1 1,395.5 1,408.8 1,423.6 1,435.1 1,450.3
3.8
4.0
1.0
1.0
0.8
1.1
3.9
–38.8
–7.1
–5.7
–5.7
–4.5
–2.8
–7.4
–6.6 ............ ............. ............ ............ ............. ............ ............

7
8
9

733.9

710.9

673.0

545.7

761.5

656.0

477.1

1,806.8 2,136.1 2,235.3 2,219.8 2,270.9 2,281.6 2,297.2 2,441.8

18.2

4.6

2.3

0.5

0.7

6.3

10.0

10

1,427.7 1,681.3 1,761.1 1,760.7 1,803.4 1,786.1 1,734.9 1,839.8
17.8
4.7
2.4
–1.0
–2.9
6.0
4.5
–68.3
–9.5
3.3
15.2
2.8
–3.0 –24.6 –13.5 ............ ............. ............ ............ ............. ............ ............
78.1 –103.8 –131.8 –131.4 –133.1 –134.8 –330.5 –331.3 ............ ............. ............ ............ ............. ............ ............

11
12
13

Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
Level

Change from preceding period

Seasonally adjusted at annual rates
Line

2013
2011

2012

2013

2013
II

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

Corporate profits with inventory valuation and
capital consumption adjustments...................
Domestic industries.....................................................
Financial.....................................................................
Nonfinancial................................................................
Rest of the world ..........................................................
Receipts from the rest of the world.............................
Less: Payments to the rest of the world .....................
Corporate profits with inventory valuation
adjustment.........................................................
Domestic industries.....................................................
Financial.....................................................................
Federal Reserve banks...........................................
Other financial ........................................................
Nonfinancial................................................................
Utilities ....................................................................
Manufacturing.........................................................
Durable goods.....................................................
Fabricated metal products...............................
Machinery .......................................................
Computer and electronic products ..................
Electrical equipment, appliances, and
components.................................................
Motor vehicles, bodies and trailers, and parts
Other durable goods .......................................
Nondurable goods...............................................
Food and beverage and tobacco products......
Petroleum and coal products ..........................
Chemical products ..........................................
Other nondurable goods .................................
Wholesale trade......................................................
Retail trade .............................................................
Transportation and warehousing ............................
Information..............................................................
Other nonfinancial ..................................................
Rest of the world ..........................................................

III

2014
IV

2012

I

II

1,942.1
1,544.6
418.7
1,125.9
397.5
668.7
271.2

2014

Line

2013
III

IV

I

II

1,816.6
1,394.7
355.7
1,039.0
421.9
644.3
222.4

2,022.8
1,621.0
451.5
1,169.4
401.8
644.3
242.5

2,106.9
1,703.8
490.0
1,213.8
403.1
657.1
254.0

2,103.6
1,710.5
482.2
1,228.3
393.1
649.6
256.6

2,140.7 2,143.8
1,731.1 1,720.3
510.0
504.9
1,221.1 1,215.5
409.6
423.5
662.9
677.6
253.4
254.1

2,097.0
1,694.6
449.3
1,245.2
402.4
673.4
271.0

206.2
226.3
95.8
130.4
–20.1
0.0
20.1

84.1
82.8
38.5
44.4
1.3
12.8
11.5

37.1
20.6
27.8
–7.2
16.5
13.3
–3.2

3.1
–10.8
–5.1
–5.6
13.9
14.7
0.7

–201.7
–175.7
–86.2
–89.6
–26.0
–8.9
17.1

154.9
150.0
30.6
119.3
4.9
4.7
–0.2

1
2
3
4
5
6
7

1,738.5
1,316.6
375.9
75.9
300.0
940.7
9.8
298.1
132.5
16.1
24.3
32.7

2,126.6
1,724.8
488.9
71.7
417.2
1,235.9
12.9
404.2
204.1
23.8
32.5
45.7

2,238.7
1,835.6
533.5
79.6
453.9
1,302.1
20.9
402.4
206.3
23.3
33.2
43.7

2,235.0
1,841.9
525.5
75.2
450.2
1,316.4
31.1
383.7
202.4
23.6
35.2
41.8

2,273.7 2,278.6 2,272.6 2,428.3
1,864.2 1,855.1 1,875.1 2,025.8
554.1
549.4
480.8
511.9
82.3
89.6
88.7
93.1
471.8
459.8
392.2
418.7
1,310.1 1,305.7 1,394.2 1,514.0
30.0
15.8
42.3 ..............
392.3
445.4
432.5 ..............
216.7
212.7
234.8 ..............
23.2
22.8
24.9 ..............
34.4
34.5
34.6 ..............
44.2
47.3
51.7 ..............

388.1
408.2
113.0
–4.2
117.2
295.2
3.1
106.1
71.6
7.7
8.2
13.0

112.1
110.8
44.6
7.9
36.7
66.2
8.0
–1.8
2.2
–0.5
0.7
–2.0

38.7
22.3
28.6
7.1
21.6
–6.3
–1.1
8.6
14.3
–0.4
–0.8
2.4

4.9
–9.1
–4.7
7.3
–12.0
–4.4
–14.2
53.1
–4.0
–0.4
0.1
3.1

–6.0
20.0
–68.6
–0.9
–67.6
88.5
26.5
–12.9
22.1
2.1
0.1
4.4

155.7
150.7
31.1
4.4
26.5
119.8
.............
.............
.............
.............
.............
.............

8
9
10
11
12
13
14
15
16
17
18
19

4.8
–0.3
54.8
165.6
40.6
45.8
58.2
20.9
94.4
114.3
30.4
83.8
309.9
421.9

11.8
22.1
68.2
200.1
45.5
54.3
68.9
31.4
136.6
157.2
51.9
101.1
372.0
401.8

13.1
22.7
70.2
196.1
54.2
42.9
66.3
32.8
154.5
171.2
62.6
108.3
382.2
403.1

10.7
23.7
67.4
181.2
50.1
27.8
70.3
33.0
157.1
179.1
61.5
114.6
389.3
393.1

7.0
22.4
13.4
34.5
4.9
8.5
10.7
10.5
42.2
42.9
21.5
17.3
62.1
–20.1

1.3
0.6
2.0
–4.0
8.7
–11.4
–2.6
1.4
17.9
14.0
10.7
7.2
10.2
1.3

4.2
0.8
8.1
–5.6
8.6
–1.3
–12.3
–0.6
–2.3
–3.7
1.3
–11.4
2.4
16.5

0.4
0.3
–7.5
57.0
5.3
37.5
12.1
2.1
–6.9
–11.2
2.9
2.4
–30.6
13.9

3.5
2.3
9.8
–34.9
–17.3
–12.3
–1.4
–3.9
4.1
3.9
7.9
17.4
41.5
–26.0

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
4.9

20
21
22
23
24
25
26
27
28
29
30
31
32
33

14.9
24.5
75.5
175.6
58.7
26.5
58.0
32.4
154.8
175.4
62.8
103.2
391.7
409.6

NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).

- 15 -

15.3
24.8
68.0
232.6
64.0
64.0
70.1
34.5
147.9
164.2
65.7
105.6
361.1
423.5

18.8
27.1
77.8
197.7
46.7
51.7
68.7
30.6
152.0
168.1
73.6
123.0
402.6
397.5

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
402.4

Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
Seasonally adjusted at annual rates
Line

2011

2012

2013

2013
II

2014

III

IV

I

r

Line
II

Billions of dollars
1
Gross value added of nonfinancial corporate business .................
2 Consumption of fixed capital.........................................................................
3 Net value added ..........................................................................................
4 Compensation of employees ....................................................................
5
Wages and salaries...............................................................................
6
Supplements to wages and salaries .....................................................
7 Taxes on production and imports less subsidies.......................................
8 Net operating surplus................................................................................
9
Net interest and miscellaneous payments ............................................
10
Business current transfer payments (net) .............................................
11
Corporate profits with inventory valuation and capital consumption
adjustments.......................................................................................
12
Taxes on corporate income ...............................................................
13
Profits after tax with inventory valuation and capital consumption
adjustments ...................................................................................
14
Net dividends.................................................................................
15
Undistributed profits with inventory valuation and capital
consumption adjustments..........................................................
Addenda:
16 Profits before tax (without inventory valuation and capital consumption
adjustments) .........................................................................................
17 Profits after tax (without inventory valuation and capital consumption
adjustments) .........................................................................................
18 Inventory valuation adjustment .................................................................
19 Capital consumption adjustment...............................................................

7,592.3
1,139.2
6,453.1
4,363.4
3,622.9
740.4
670.6
1,419.1
289.7
90.4

8,030.3
1,183.8
6,846.5
4,592.9
3,826.5
766.4
692.2
1,561.3
299.5
92.4

8,287.0
1,229.8
7,057.2
4,749.4
3,956.0
793.3
715.2
1,592.6
293.8
85.0

8,283.2
1,223.7
7,059.5
4,740.5
3,948.7
791.8
708.6
1,610.5
293.8
88.3

8,314.2
1,235.6
7,078.6
4,763.2
3,967.4
795.8
718.1
1,597.3
293.2
83.0

8,360.1
1,248.9
7,111.2
4,798.1
3,996.2
801.9
723.9
1,589.2
292.2
81.5

8,385.6
1,263.1
7,122.6
4,895.6
4,083.9
811.7
725.4
1,501.6
292.9
82.8

8,580.9
1,276.0
7,305.0
4,972.7
4,152.8
819.8
732.2
1,600.1
272.1
82.8

1
2
3
4
5
6
7
8
9
10

1,039.0
228.8

1,169.4
271.4

1,213.8
329.3

1,228.3
326.0

1,221.1
319.3

1,215.5
341.8

1,125.9
366.2

1,245.2
390.4

11
12

810.2
441.0

898.1
520.6

884.5
536.9

902.3
515.9

901.8
597.8

873.6
516.5

759.7
575.0

854.8
556.9

13
14

369.2

377.5

347.6

386.4

304.0

357.1

184.7

297.9

15

1,009.0

1,245.4

1,298.8

1,301.2

1,307.3

1,308.7

1,418.8

1,527.5

16

780.2
–68.3
98.3

974.1
–9.5
–66.5

969.5
3.3
–88.3

975.2
15.2
–88.1

988.0
2.8
–89.1

966.9
–3.0
–90.3

1,052.6
–24.6
–268.4

1,137.1
–13.5
–268.7

17
18
19

7,922.1
1,173.7
6,748.4

7,929.7
1,169.7
6,760.0

7,936.8
1,177.6
6,759.2

7,979.7
1,186.2
6,793.6

7,993.3
1,194.6
6,798.7

8,144.4
1,203.4
6,941.1

20
21
22

Billions of chained (2009) dollars
20
Gross value added of nonfinancial corporate business 1 ...............
21 Consumption of fixed capital 2 ......................................................................
22 Net value added 3 .........................................................................................

7,421.5
1,117.1
6,304.5

7,742.6
1,143.3
6,599.3

Dollars; quarters seasonally adjusted

23
24
25
26
27
28
29
30
31

Price, costs, and profits per unit of real gross value added of
nonfinancial corporate business:
Price per unit of real gross value added of nonfinancial corporate
business 4 ............................................................................................
Compensation of employees (unit labor cost)...........................................
Unit nonlabor cost.....................................................................................
Consumption of fixed capital .................................................................
Taxes on production and imports less subsidies plus business current
transfer payments (net) .....................................................................
Net interest and miscellaneous payments ............................................
Corporate profits with inventory valuation and capital consumption
adjustments (unit profits from current production) ................................
Taxes on corporate income ...................................................................
Profits after tax with inventory valuation and capital consumption
adjustments.......................................................................................

1.023
0.588
0.296
0.154

1.037
0.593
0.293
0.153

1.046
0.600
0.293
0.155

1.045
0.598
0.291
0.154

1.048
0.600
0.294
0.156

1.048
0.601
0.295
0.157

1.049
0.612
0.296
0.158

1.054
0.611
0.290
0.157

23
24
25
26

0.103
0.039

0.101
0.039

0.101
0.037

0.100
0.037

0.101
0.037

0.101
0.037

0.101
0.037

0.100
0.033

27
28

0.140
0.031

0.151
0.035

0.153
0.042

0.155
0.041

0.154
0.040

0.152
0.043

0.141
0.046

0.153
0.048

29
30

0.109

0.116

0.112

0.114

0.114

0.109

0.095

0.105

31

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014.
1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not
available, the chain-type price index for GDP goods and structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2009 current-dollar value of the corresponding series,
divided by 100.
3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate business divided by 100.
NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).

- 16 -

Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change
Seasonally adjusted at annual rates
Line

2011 2012 2013

2010
III

2011
IV

I

II

2012
III

IV

I

II

2013
III

IV

I

II

2014
III

IV

I

Line
II

r

Percent change from preceding period
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Gross domestic product (GDP) and related aggregates:
GDP .................................................................................
Goods...............................................................................
Services ...........................................................................
Structures.........................................................................
Motor vehicle output.........................................................
GDP excluding motor vehicle output ................................
Final sales of computers 1 ...............................................
GDP excluding final sales of computers ..........................
Research and development .............................................
GDP excluding research and development......................
Farm gross value added 2 ................................................
Nonfarm business gross value added 3 ...........................
Price indexes:
GDP .................................................................................
GDP excluding food and energy 4 ....................................
GDP excluding final sales of computers ..........................
Gross domestic purchases...............................................
Gross domestic purchases excluding food and energy 4
Gross domestic purchases excluding final sales of
computers to domestic purchasers ..............................
Personal consumption expenditures (PCE) .....................
PCE excluding food and energy 4 ....................................
Market-based PCE 5 ........................................................
Market-based PCE excluding food and energy 5 .............

1.6
3.8
0.9
–1.2
10.0
1.4
9.0
1.6
0.2
1.6
–5.2
2.2

2.3
4.5
0.8
7.0
12.9
2.1
11.9
2.3
0.9
2.4
–5.7
3.2

2.2
2.7
2.5 –1.5
2.9
4.2
9.4
5.2 –1.7
5.7
1.2
1.7
1.5 –0.1
1.1
2.9 –13.8
0.5 –13.6
9.1
4.8 24.1 –13.2 32.8 –7.1
2.1
2.3
2.9 –2.2
3.2
12.9 –8.0 34.6
9.0
8.2
2.2
2.8
2.4 –1.6
2.9
0.9
5.7
2.2 –3.0 –1.6
2.3
2.6
2.6 –1.5
3.1
14.3 –1.2 –25.6 19.1 –31.5
2.6
4.1
3.8 –2.5
4.5

0.8
–1.4
1.0
9.2
12.0
0.6
10.2
0.8
–0.1
0.9
–0.1
1.1

4.6
2.3
1.6
2.5
0.1
15.7
2.4
2.7
3.4 –0.9
–0.7
1.2
0.8
2.2
0.3
7.5 11.5
4.2
1.2
2.2
23.1 28.4
6.1
2.6 –6.2
4.1
1.6
1.5
2.5
0.2
22.4 15.0 –10.9 21.9 35.5
4.5
2.2
1.7
2.4 –0.1
3.2 –1.1
1.9
1.0
3.8
4.6
2.3
1.6
2.5
0.0
26.7 –11.0
0.1 –28.3 –14.1
5.8
3.3
2.3
3.7
0.1

2.7
7.6
1.3
–4.4
17.9
2.4
8.7
2.7
1.2
2.8
82.6
2.4

1.8
4.5
0.6 10.8
1.2
1.1
12.2
8.3
7.6 –10.6
1.6
5.0
16.1 –4.0
1.7
4.6
0.2 –2.9
1.8
4.7
14.1 28.3
2.0
5.6

3.5 –2.1
8.1 –8.5
1.8
1.4
–0.4 –3.8
18.5
3.3
3.1 –2.3
6.2 17.8
3.5 –2.2
–0.8
2.9
3.6 –2.2
–3.2 –49.9
4.7 –2.4

4.2
10.8
0.5
9.0
20.3
3.7
14.1
4.1
1.9
4.2
14.9
5.0

1
2
3
4
5
6
7
8
9
10
11
12

2.1
1.9
2.1
2.4
1.8

1.8
1.7
1.8
1.7
1.7

1.5
1.6
1.5
1.3
1.4

1.8
1.3
1.9
1.3
1.1

2.1
1.7
2.1
2.3
1.4

1.8
2.1
1.8
3.0
2.0

3.0
2.8
3.0
3.8
2.8

2.3
1.9
2.4
1.9
1.8

0.6
0.9
0.6
0.9
1.0

2.1
2.6
2.1
2.3
2.4

1.8
1.4
1.9
1.1
1.4

2.1
1.3
2.1
1.2
1.2

1.3
1.6
1.4
1.7
1.5

1.3
1.7
1.4
1.2
1.5

1.2
1.3
1.3
0.8
1.2

1.7
1.9
1.7
1.7
1.5

1.5
1.8
1.5
1.4
1.7

1.3
1.2
1.3
1.4
1.3

2.1
1.8
2.1
1.9
1.7

13
14
15
16
17

2.5
2.5
1.5
2.5
1.4

1.8
1.8
1.8
1.8
1.8

1.3
1.2
1.3
1.1
1.2

1.3
1.2
1.0
1.1
0.8

2.3
2.1
0.8
2.1
0.6

3.1
3.0
1.4
3.2
1.3

3.9
4.1
2.5
4.2
2.4

2.0
2.1
2.0
2.2
2.1

1.0
1.4
1.6
1.4
1.6

2.4
2.1
2.1
2.1
2.1

1.1
1.3
1.9
1.2
1.8

1.3
1.3
1.2
1.3
1.3

1.8
1.8
1.4
1.5
1.0

1.3
1.0
1.4
1.0
1.5

0.8
0.5
1.0
0.1
0.7

1.7
1.7
1.4
1.7
1.4

1.5
1.0
1.3
0.7
1.0

1.4
1.4
1.2
1.2
1.0

2.0
2.3
2.0
2.3
1.8

18
19
20
21
22

1.6

2.5

0.1

2.7

1.8

4.5

3.5

–2.1

4.2

23

0.16 3.18 2.43 –2.69
0.76 0.74 1.10 0.86
0.84 0.60 –0.03 –0.29
0.20 –0.31 0.47 0.09
0.06 –0.02 0.03 0.07
0.01 –0.08 –0.02 0.07

3.18
0.33
0.66
0.52
0.05
0.05

24
25
26
27
28
29

Contributions to percent change in real gross domestic product

23
24
25
26
27
28
29

Percent change at annual rate:
Gross domestic product ............................................
1.6
Percentage points at annual rates:
Goods .................................................................................. 1.11
Services ............................................................................... 0.57
Structures ............................................................................ –0.08
Motor vehicle output............................................................. 0.22
Final sales of computers...................................................... 0.04
Research and development ................................................. 0.00

2.3
1.33
0.51
0.48
0.31
0.05
0.02

2.2

2.7

2.5

–1.5

2.9

0.8

4.6

2.3

1.27 2.67 1.52 –0.53 1.65 –0.42 4.47 0.76 0.84
0.74 1.11 0.98 –0.03 0.71 0.66 –0.40 0.73 0.49
0.21 –1.05 0.04 –0.98 0.59 0.60 0.51 0.77 0.29
0.13 0.50 –0.32 0.65 –0.18 0.27 0.52 0.66 0.16
0.05 –0.03 0.12 0.04 0.04 0.04 0.08 0.06 –0.05
0.02 0.14 0.06 –0.07 –0.04 0.00 0.08 –0.03 0.05

1.03 –0.28 2.23
1.37 0.18 0.83
0.09 0.15 –0.32
0.07 –0.17 0.45
0.08 0.12 0.04
0.03 0.10 0.03

r Revised
1. For some components of final sales of computers, includes computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of households and institutions, and of general government.
4. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
5. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final
consumption expenditures of nonprofit institutions serving households.
See “Explanatory Note” at the end of the tables.

- 17 -

Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2009 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher
formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2008-09
annual percent change in real GDP uses prices for 2008 and 2009 as weights, and the 2008-09 annual
percent change in GDP prices uses quantities for 2008 and 2009 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the price
level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value
to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the
values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in
this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8,
and appendix table A. Contributions by major components to the percent change in real GDP are
presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2009) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2009 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2009
and if real output for this component increased 10 percent in 2010, then the chained (2009) dollar value of
this component in 2010 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for
any period other than the reference year differ from those of the reference year. A measure of the extent of
such differences is provided by a “residual” line, which indicates the difference between GDP (or other
major aggregate) and the sum of the most detailed components in the table. For periods close to the
reference year, when there usually has not been much change in the relative prices that are used as weights,
the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a
few years from the reference year.
Reference "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November 2003
Survey, pp. 8-16.

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